Trump downplays backlash to controversial 50-year mortgage plan
Trump explains new 50-year mortgage plan
- Donald Trump has downplayed the controversial idea of 50-year mortgages, suggesting it would only slightly help by reducing monthly payments over a longer period.
- He attributed current home affordability concerns to Joe Biden and the Federal Reserve's interest rate policies.
- The proposal has drawn sharp criticism from conservative lawmakers, influencers, and economists, who argue it would lead to prolonged debt and take individuals far longer to truly own their homes.
- U.S. Federal Housing Finance Agency Director Bill Pulte announced the FHFA is developing a five-decade mortgage, an idea previously promoted by Trump on social media.
- The discussion arises amidst rising cost-of-living and home prices, with experts questioning the effectiveness of such long-term mortgages compared to addressing housing supply issues.