The broken nature of the fixed-rate mortgage

    Today's subject is housing, and as part of my research I've been going through the U.S. Constitution, looking for the exact words that guarantee Americans access to a 30-year, fixed-rate home mortgage.

    I haven't found the provision yet, but it must be in there somewhere: As everyone knows from listening to the debate over fixing our damaged housing finance system, the long-term fixed, or FRM for short, is as essential to America as free speech or the right to a jury trial.

Full text and e-editions are available to premium subscribers only. To subscribe to the digital edition, please visit subscription page. If you are already a subscriber, please login to the site. You can also request a free sample by using our request form.