The 30-year fixed-rate fully amortizing mortgage (or "traditional fixed-rate mortgage") was a substantial innovation … accumulation, many lenders require large down payments. Second, in each monthly mortgage payment, homeowners substantially … compensate capital markets investors for the ability to prepay. The homeowner might have better uses for this money. Third …

The 30-year fixed-rate fully amortizing mortgage (or "traditional fixed-rate mortgage") was a substantial innovation … accumulation, many lenders require large down payments. Second, in each monthly mortgage payment, homeowners substantially … compensate capital markets investors for the ability to prepay. The homeowners might have better uses for this money. Third …