HUD Secretary Regurgitates Idiotic 50 Year Mortgage Idea
Trump HUD Secretary Scott Turner claimed the Trump administration is seriously considering the debunked fifty year mortgage scheme for people to cut down on their high housing costs.
How clueless is Turner?
The U.S. Department of Housing and Urban Development's main job is to oversee federal policies and programs related to housing, community development, and fair housing.
Fair and affordable housing, not insane mortgage ideas that strip people from building equity.
Scumbag Bill Pulte was the first Trump sycophant to spew this nonsense.
HOST: I did mention it before and I'm going to ask you again about the 50-year mortgage. That's a really out-of-the-box idea.
The immediate criticism was it would lock younger people into longer interest paying payments.
Do you believe something like a 50-year mortgage could actually work for people?
TURNER: You know, I think it's yet to be seen.
It's very early. I think more research needs to be done on a 50-year mortgage and the other ideas that have been put forth.
One thing from HUD's 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.
So the 50-year mortgage and other ideas that have been circulated through the public are being discussed, are on the table.