Trump HUD Secretary Scott Turner claimed the Trump administration is seriously considering the debunked fifty year mortgage scheme for people to cut down on their high housing costs.
How clueless is Turner?
The U.S. Department of Housing and Urban Development’s main job is to oversee federal policies and programs related to housing, community development, and fair housing.
Fair and affordable housing, not insane mortgage ideas that strip people from building equity.
Scumbag Bill Pulte was the first Trump sycophant to spew this nonsense.
HOST: I did mention it before and I’m going to ask you again about the 50-year mortgage. That’s a really out-of-the-box idea.
The immediate criticism was it would lock younger people into longer interest paying payments.
Do you believe something like a 50-year mortgage could actually work for people?
TURNER: You know, I think it’s yet to be seen.
It’s very early. I think more research needs to be done on a 50-year mortgage and the other ideas that have been put forth.One thing from HUD’s standpoint, from my standpoint, we want to make sure that the housing market is secure.
And also for any FHA, Ginnie Mae, taxpayer-backed mortgages are stable and secure for the American people.
So the 50-year mortgage and other ideas that have been circulated through the public are being discussed, are on the table.
But at the end of the day, the president and the other leaders in the administration will discuss what’s the best possible path, secure path, to help the American people to afford a home, not just now, not just the younger generation, not just Gen Z, millennial, but all American people.
And so again, it’s a top priority for the president, myself, and others. And so there’s great days ahead, and I’m looking forward to the discussion. And we look forward to learning what those policies and ideas are.
There is a MAGA sycophant for every moronic Trump whim that he spews out his pie hole.
Have COVID, drink bleach.
Need a cheaper mortgage payment, switch to a 50-year plan.
The Washington Post serves up some data:
A recent analysis by LendingTree summarized the trade-offs with stretching mortgage payments over five decades. It would probably carry a higher interest rate — the typical 30-year loan is now just above 6 percent — and borrowers would end up paying significantly more interest over the loan’s duration. As a result, they would accumulate equity more slowly than with current mortgage options.–A borrower takes out a 30-year mortgage for $500,000 at 6.1 percent interest. The monthly payment — not including taxes and insurance — would be $3,030, according to LendingTree. The homeowner would pay $590,791 in total interest.–
If you take out a $500,000 loan with a 6.1 percent mortgage rate, a 50-year loan term could mean more than $1 million in interest payments.
We don’t need no stinking numbers!
