S. Res. 555 is a Senate resolution that formally recognizes climate change as a significant threat to the U.S. mortgage market and home values. The resolution cites extensive evidence that sea-level rise, flooding, and extreme weather events are already causing substantial property value losses—including $7.4 billion in losses across five southeastern states between 2005 and 2017—and that hundreds of thousands more homes face chronic flooding risk in coming decades. The resolution notes that over $1 trillion in U.S. residential property value could be lost over the next 30 years due to rising insurance costs, and warns that declining property values combined with potential mortgage crises could trigger an economic recession similar to the 2008 financial crisis. This is a symbolic resolution with no direct funding or enforcement mechanisms, but it serves to formally acknowledge climate-related financial risks that affect homeowners, mortgage lenders, and the broader economy. The resolution was introduced by Senator Whitehouse and ten co-sponsors and referred to the Senate Committee on Banking, Housing, and Urban Affairs.
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