Fed's Olson: new financial products create risks

A senior Federal Reserve official told the Chicago Fed's bank structure conference on Thursday 5 May that US consumers can more easily tap the value of their homes for cash, which has helped them "smooth their consumption" and helped the economy bounce back quickly from the 2001 recession.

"More people than ever own their own homes and existing home owners can now more easily tap into the equity of their house in order to smooth their consumption," Federal Reserve Board Governor Mark Olson sai

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