During an interview with Fox News’ Laura Ingraham Monday, Trump defended the idiotic idea of 50-year mortgages for home buyers as a solution to make housing payments more affordable.
The Trump administration placed an article in Politico which said White House staffers are fuming at Bill Pulte, the Federal Housing Finance Agency director, for putting this idea in Trump’s ear, to offset his lunacy.
That rebuke didn’t last long.
INGRAHAM: Housing costs are still out of reach, and another thing that your administration is trying to tackle is that for many Americans, the average age of first-time home buyers is now up to age 40, which is sad.
TRUMP: I inherited that look, you have to understand right —
INGRAHAM: — but let me get to the question, though, because your Housing Director has proposed something that has enraged your MAGA friends, which is this 50-year mortgage idea.
So a significant MAGA backlash calling it a giveaway to the banks and simply prolonging the time it would take for Americans to own a home outright. Is that really a good idea?
TRUMP: It’s not even a big deal. I mean, you know you go from 40 to 50 years
INGRAHAM: 30 years —
TRUMP: — And what it is you pay you pay something less from 30 that some people had a 40 and then that now they have a 50.
All it means is you pay less per month you paid over a longer period of time. It’s not like a big factor. It might help a little bit but the problem was that Biden did this he increased the interest rates and I have a lousy Fed person who’s going to be gone in a few months
Trump’s claim that it wasn’t a big deal shows how incompetent he is on the most basic ideas when it comes to housing.
Since Trump mentioned this bizarre idea, not only have credible economists panned this idea completely, but many from the MAGA cult are screaming about it.
This includes Laura Loomer, Mike Cernovich, Christopher Rufo, Sean Davis of the Federalist, and Rep. Marjorie Taylor Greene (R-Ga.).
Charles Payne, the MAGA-loving Fox Business host, even went on Fox News to bash the idea.
I do not like this idea. And again, it depends on how much the house costs. But if you took a 4% interest rate for a 30-year, it would be 2,300, for a 50-year, it would be 1,900. So, you’re saving almost 500 bucks a month in terms of affordability, but by the time you finish paying this bad boy off, the 30-year, you pay 359,000 versus a 50-year, almost $700,000, right?
It appears Pulte got into Trump’s addled brain by playing to his narcissistic vanity, bringing up FDR.
