The Trump administration is dropping its efforts to push for 50-year mortgages as a strategy to encourage affordable homeownership.
In November, Federal Housing Finance Agency Director Bill Pulte encouraged President Trump to float the idea for the 50-year mortgage. But after a backlash from many conservative allies and no great support from the financial services industry, Pulte bluntly announced the proposal was off the table.
“I think we have other priorities,” Pulte told reporters on Friday when asked about the proposal.
Politico is reporting that the White House is drafting an executive order focused on affordable homeownership that include changing regulations that would enable consumers to tap into their retirement and college savings accounts to cover down payment costs. Last week, Trump announced he was “immediately taking steps to ban large institutional investors from buying more single-family homes,” but he also acknowledged that plan would need congressional approval to take effect.
“…an executive order focused on affordable homeownership that include changing regulations that would enable consumers to tap into their retirement and college savings accounts to cover down payment costs.”
Yes, never think of actually increasing the median wages of Americans, just keep forcing them to spend their savings, even as corporations have nearly stopped pensions and forced employees into 401ks (which they can then turn around and take money away from instead of saving for).
All from the same people that also want to get rid of Social Security (remember THAT??) and defund or eliminate every other safety net the government is supposed to provide (so we can fund bailouts to farmers in other countries after tariffs killed our OWN farmers first).
Fifty year mortgages were never a good idea. Just another boondoggle for builders and lenders and REIT managers. Terrible for average humans. Only took them a year to figure out what sane, ethical people knew in the first place.