Housing and Urban Development (HUD) Secretary Scott Turner declined to endorse President Trump’s proposal of a 50-year mortgage plan to help reanimate the housing market, stating the idea needed to be studied further before being put forth as a solution to the challenges impacting housing affordability.
In a Sunday appearance on Fox News, Turner was asked about the 50-year mortgage, which the president floated last month at the suggestion of Federal Housing Finance Agency Director Bill Pulte. Turner conspicuously avoided embracing the idea, suggesting it was not ready for a full release.
“It’s very early,” he said. “I think more research needs to be done on a 50-year mortgage and the other ideas that have been put forth. Because — one thing from a HUD 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. And 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.”
The 50-year mortgage idea generated a wave of backlash from conservatives who claimed it failed to address the challenges facing the housing market. The idea also reportedly sparked anger among White House aides because Pulte pitched the idea directly to Trump without going through the formal vetting process.
