I have previously written about the advantages gained by borrowers in an inflationary environment. The dollars (or any unit of currency) that are paid back to the lender in the future are worth less than the dollars that were originally borrowed.
The DC bureaucrats have proven they have absolutely no regard for private contracts as was most recently seen with the Chrysler bankruptcy when private creditors were the victim of a ruling that “extinguish[ed] the property rights of secured lenders, trampling the most fundamental of creditor rights in disregard of over 100 years of bankruptcy jurisprudence." These creditors had obviously not won favor with the king.
History has shown that the large, well-connected financiers (see: Wall Street) are a perpetual bed partner with the bureaucrats (see: financial bailout) and thus will get preferential treatment when it comes to the enforcing of contracts.
In conclusion, the fixed mortgages that the majority of Americans hold will soon be worth less than the paper on which they are printed.