The great Trump mortgage scam. This is yet another Trump scam. He said last week that affordability wasn’t really an issue, that things were getting great under his administration. mean, after all housing, they can build a $300 million palatial palace to replace the east wing of the White House. So why is affordability a big problem? Somebody told him, you know, the average house price is about $500 grand.
That’s pretty hard for some couple making 110 grand. And so they’ve come up with a new gimmick that was inspired by his FHA administrator, Bill Pulte who knows nothing about housing, but he’s a hatchet man that Trump has installed there. He’s gone after the Fed chairman. He was the catalyst behind these phony indictments for mortgage misrepresentation. Cases are gonna be either thrown out or rejected by a jury.
And he said, let’s, instead of a 30 year mortgage, let’s do a 50 year mortgage. Trump said, great. So what that’ll do, that’ll make it cheaper for people. No, it really doesn’t. What it does is it just stretches. It’s a higher interest rate and a lower principle, but it just stretches it out for 50 years. Now, I think we, in this sense, are fairly typical. We bought a house in our thirties with a 30 year mortgage. And by the time that we paid it off, we didn’t have any debt, so we could downsize easily.
A 50-year mortgage, we’d still be paying that baby off. It’s a ripoff. It will help financial institutions. It will hurt people. And Trump will just claim it’s the greatest thing since sliced bread, but it’s really a scam.
LET’S GO EPSTEIN LET’S GO EPSTEIN
LET’S GO EPSTEIN LET’S GO EPSTEIN
LET’S GO EPSTEIN LET’S GO EPSTEIN
LET’S GO EPSTEIN LET’S GO EPSTEIN
LET’S GO EPSTEIN LET’S GO EPSTEIN
LET’S GO EPSTEIN LET’S GO EPSTEIN
LET’S GO EPSTEIN LET’S GO EPSTEIN
Joewightman.substack.com
You’re right to criticize the mortgage plan but you overlook Pulte’s background in the family business building houses. So of course he knows this plan is a trick and no solution at all housing finance problems.