May 2 (Bloomberg) -- In most of the world, homeownership
isn’t seen as a natural step in the progress toward responsible
adulthood. Outside the U.S., mortgages are for small amounts,
for shorter times, and have adjustable interest rates. The
popular U.S. 30-year mortgage with a fixed rate, which makes
possible low monthly payments and a more certain future, is an
How did Americans develop such a peculiar financial
practice? The New Deal.