The Real Deal Miami

30-year mortgage may be on its way out

June 30, 2010 12:45PM

Robert Shiller

Given the current housing crisis, the long-term mortgage may be past its heyday, housing expert Robert Shiller told CNBC. “The 30-year
mortgage is outdated, the standard fixed-rate mortgage is outdated,
and it has to be improved,” said Shiller, co-creator of the S &
P/Case-Shiller Home Price Index, which tracks home prices in the United
States. “People want a more modern vehicle, and that’s something we
need to think about next,” he added. Now that the finance reform bill
is almost complete, Congress may next be looking to revamp the broken
housing market. [CNBC]