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Save the 30-Year Mortgage

Written by Carolyn Maloney on . Posted in Features, Housing, Opinion

Before the 1950s, a fixed-rate, 30-year mortgage was as rare as bipartisanship is in national politics today. Since World War II, however, the 30-year home loan has become the norm and helped countless Americans become homeowners for one simple reason: the fixed rate and long term create stable monthly payments that fit comfortably into the average household budget. So why is the 30-year-mortgage suddenly endangered? Legislation proposed by House Republicans would likely return the 30-year, fixed-rate-mortgage to an oddity, inaccessible… [More]