
The problem with the American 30-year mortgage
Make Me Smart
Evolution of Mortgage Loans in the US
The chapter explores the history and development of mortgage loans in the US, focusing on the shift towards fully amortizing loans and the impact of different mortgage structures on homeowners and financial institutions. It also discusses disparities in refinancing rates among different racial groups, challenges in the American mortgage system, suggestions for improvement, and contrasts with other countries like Denmark. The chapter touches upon assuming mortgages, prepayment penalties, impact on interest rates, and potential effects of Airbnb bans on the housing market.
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