The New York Times reports that the conservative-leaning American Enterprise Institute partnered with housing advocacy organization Neighborhood Assistance Corporation of America to roll out a concept for a new 15-year mortgage.
This new program, called the Wealth Building Home Loan, will allow borrowers to build equity more quickly. The mortgage will have a low fixed interest rate, little or no downpayment, and no additional fees for a term of 15 instead of 30 years.
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