The 50 year mortgage.
Holy cow!
Not even hiding the push towards neo-feudalism, are we now?
Debt slaves from cradle to grave.
Housing that becomes even more expensive, not less, because the real reason for the problem…artificial curtailment of supply where people actually want to live…remains unaddressed.
We truly are living in the dumbest of all possible universes.
I don’t pay attention to what he says, only the people that repeat it.
Yes I suppose the thing to do would be to just ignore what he says, even if he does have the power to introduce it.
Run it up to 78.6!
Basically interest only for a very long time and of course, it will be a higher rate than the 30. Excellent for the banks and mortgage companies though. Whoever fed him this stupid idea no doubt will be poised and ready to profit off it should it ever make it through to reality.
Make housing more affordable by making housing more expensive. Brilliant.
(The 30 year fixed rate already causes enough problems in our markets)
It’s been floated before…so it’s not something new.
This ■■■■■■■■■ is awesome for predatory banks, dealerships, and loan companies. All of which would be people in power and running in trump circles.
All it takes is some fancy posters and you can easily influence our stupid president.
On Saturday evening, Pulte arrived at President Donald Trump’s Palm Beach Golf Club with a roughly 3-by-5 posterboard in hand. A graphic of former President Franklin Roosevelt appeared below “30-year mortgage” and one of Trump below “50-year mortgage.” The headline was “Great American Presidents.”
Roughly 10 minutes later, Trump posted the image to Truth Social, according to one of the people familiar, who was with the president at the time.
Higher interest rates, longer time to pay down interest, slow/negative equity, price inflation…
what could go wrong?
The private sector’s never going to insure a 15 year car loan. This is going to require Fannie for cars.
That might be a good policy.
especially in the cities (where a lot of people live and work) there is no such thing as an affordable home. Lower priced houses are 300K plus for a dump. A decent place is 400K and up. The mortgage for the lower priced homes will run $2500+ per month on a 30 year loan. The only people who can afford one are people who already have equity in another home to invest. That’s not going to change any time soon. What is your solution that would get first time home buyers in their own home right now that doesn’t involve the rest of us somehow paying for it for them?
Unfortunately it’s gentrification for big cities. That’s not a solution but that is a result. Might as well call it a solution
That being sad the Atlanta experiment should be somehow stopped. Developers Buying up land ** and turning them into rental homes seems like a terrible future though of course i won’t expect anyone on the right to agree with me
I live in a small town, its a depressed area and in my neighborhood there are 15-20 homes that are vacant and growing dilapidated. I would much prefer someone buy them up to rent out than thy just sit and rot.
although, it does make for a quiet neighborhood
If you are close to suburbia then the better solution imo would be middle class buying them up and gutting them. The issue that i am addressing however is actual lots being bought up and rental properties being built. Existing structures being turned into rental properties is not presently a major issue that could be effecting supply in the near future
the reason rental properties are being built like that in cities, is because there is no first time buyer market. no-one can afford the mortgages. The land itself is somewhat affordable depending on where it is, but a home that a irst time buyer can afford just does not exist
here, where I am, if you don’t get at least 1.5 hours away from Charlotte, the prices do not differ all that much
This sounds like a terrible idea.
I heard fannie mae is dropping their credit score requirements. The article says they are using other factors to assess credit worthiness. Trying to put people who cant afford a home into an already overinflated home, i am not sure thats a great solution.
