Robust mortgage financing exists in virtually every developed nation of the world without the degree of government involvement found in the U.S. Yet, many groups argue that eliminating the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac would imperil mortgage financing in the U.S., and some even claim that a government guarantee is needed to ensure the widespread availability of the 30-year fixed-rate mortgage (FRM). Advocates of these federal guarantees argue that the 30-year FRM provides borrowers with long-term security, but they often fail to mention any of the risks associated with these long-term fixed-rate mortgages. These risks exist, however, and government policies tend to shift these risks from financial markets to taxpayers. Even though no one policy guarantees the existence of the 30-year FRM, we argue that it is misguided to justify broad government intervention and taxpayer guarantees to preserve any one type of mortgage product.