US President Donald Trump proposed allowing 50 year mortgage To reduce monthly payments for buyers and thus encourage the market in the United States to face the problem of obtaining housing that the country suffers from due to its high costs.
Trump posted a picture on his social network, Truth Social, entitled “Great American Presidents,” showing a picture of former President Franklin Roosevelt (1933-1945), under the phrase “30-year mortgages,” and another of his own in which he says “50 year mortgage”.
The Director of the Federal Housing Finance Agency (FHFA), Bill Bolte, confirmed on Sunday that the US administration Work on this proposal In a message in X.
“We are fully focused on ensuring the American dream for young people, and that can only happen through economics Buying a house. “The 50-year mortgage is simply a potential weapon in the vast arsenal of solutions we are now developing,” Bolte said.
The President of the United States cited former President Roosevelt for his package of interventionist measures adopted to mitigate the effects of the Great Depression of 1929. Conversion part of the mortgage system.
Within the framework of this package, it was established in 1934 Federal Housing Administration (FHA) ended up promoting 30-year mortgages.
The current administration’s proposal has woken up Certain criticisms On social media, even by some members of the Republican Party, who do not consider this option sufficient to address the problem.
Republican lawmaker Marjorie Taylor Greene confirmed she didn’t like the proposal by highlighting it More negative effects than positive.
“in the end, Banks will benefitAnd mortgage lenders and home builders, while people will pay more in interest over time and die before paying off their homes. Forever in debt, indebted for life!” he wrote in a letter to X.
Several professional media outlets have pointed out that on the one hand, buyers may see their monthly mortgage payments reduced, eventually… The total amount could be much higher For the sake of interests.
Furthermore, lengthening the debt term may exacerbate the problem Reducing the ability to save citizens for most of their lives and this can increase overall housing prices.
Measures are usually taken in this direction Recession times Economical.
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