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Donald Trump’s latest idea to gut the American economy and harm the middle class is a doozy. Trump wants to privatize 70% of the mortgages that are financed in the United States.
Trump posted on Truth Social:
Our great Mortgage Agencies, Fannie Mae and Freddie Mac, provide a vital service to our Nation by helping hardworking Americans reach the American Dream — Home Ownership. I am working on TAKING THESE AMAZING COMPANIES PUBLIC, but I want to be clear, the U.S. Government will keep its implicit GUARANTEES, and I will stay strong in my position on overseeing them as President. These Agencies are now doing very well, and will help us to, MAKE AMERICA GREAT AGAIN!
Trump is discussing the potential privatization of most of the mortgage financing system in the United States. Home ownership is already out of reach for too many Americans. If the system were to be privatized, guarantees that Trump’s are implicit, but are explicit, would be gone, so would lower interest rates and a wide number of programs that are intended to help everyone from persons with disabilities, to veterans, to working-class Americans buy a home.
Senate Minority Leader Chuck Schumer responded to Trump’s idea by saying:
Trump’s housing proposal to privatize Fannie and Freddie is yet another economic policy that will upend middle-class Americans looking to buy or refinance a home while helping line the pockets of the wealthy.
Experts have warned for years that privatizing Fannie and Freddie – which finances 70% of the American mortgage market – would threaten the financial security of middle-class Americans, making it harder and more expensive to buy a home. The average family could be hit with a whopping $1800 to $2800 increase in annual mortgage costs.
Yet, Trump and his cronies only see an opportunity to loot the state, no matter the cost to hard-working families and our broader economy.
Imagine being a homeowner and having your mortgage costs go up by nearly $3,000 a year. Trump’s plan would be another deadly blow to the broader economy, but it would allow him and his pals to steal from another part of the government to enrich themselves.
Trump’s schemes are all driven by the singular motivation of redirecting national wealth upward, which is why privatizing Fannie Mae and Freddie Mac would do.
Every single day of the Trump presidency is being used to weaken America.
What do you think of Trump’s mortgage scam? Share your thoughts in the comments below.
