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Senators press Powell on housing affordability, insurance costs and climate risks to mortgages
Summary
Senators raised concerns about rising housing costs, higher home‑insurance rates and the long‑run financial stability effects of climate‑related losses; Powell said the Fed sees risks where insurance and banks may withdraw from high‑risk areas and that those trends could reduce homeownership and market liquidity.
Senators asked Federal Reserve Chair Jerome H. Powell about the interaction between housing affordability, rising home‑insurance costs and climate risks and the consequences for financial stability.
Sen. Tina Smith pressed Powell on dramatic increases in homeowners insurance in some states — "families, seniors are struggling to manage a nearly 40%…
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