Trump says 50-year mortgages would be no 'big deal'

WASHINGTON (Reuters) -U.S. President Donald Trump downplayed efforts to connection a 50-year owe arsenic a mode to marque owning a location much affordable than with emblematic 30-year loans, adjacent arsenic homeowners would wage acold much successful involvement and instrumentality longer ​to physique equity.

"All it means is you wage little per month. You wage it implicit a longer play of time. It's not ‌like a large factor. It mightiness assistance a small bit," Trump told Fox News' "The Ingraham Angle" programme connected Monday night, blaming his Democratic predecessor Joe Biden and the Federal ‌Reserve's involvement complaint policies for location affordability concerns.

Some blimpish lawmakers and influencers arsenic good arsenic economists person panned the idea, noting that it would instrumentality radical longer to really ain their homes nether specified loans.

Over the play connected X, Republican U.S. Representative Marjorie Taylor Greene reacted to the idea, penning "In indebtedness forever, successful indebtedness for life!" portion right-wing activistic Mike Cernovich wrote: "Lifetime mortgages."

HOUSING AFFORDABILITY IS KEY ISSUE

U.S. Federal Housing Finance Agency Director Bill Pulte connected Saturday ⁠had said FHFA was "working on" a five-‌decade-long owe aft Trump, a Republican, posted an representation of himself nether the heading "50-year Mortgage" connected societal media.

"A implicit game-changer," Pulte wrote connected X.

"We are besides moving connected ways to springiness alleviation successful the 5 ‍year mortgage, the 10 twelvemonth mortgage, and the 15 twelvemonth mortgage," helium wrote separately connected Sunday, with nary further details. "At Fannie and Freddie, we are evaluating however to bash assumable oregon portable mortgages, successful a harmless and dependable manner," Pulte added, referring to the government-sponsored owe enterprises Fannie Mae and Freddie Mac.

Representatives ​for FHFA did not respond to requests for remark seeking much details connected the plan.

"The White House and the full Trump medication are appreciative of Mr. ‌Pulte's efforts, and everyone is moving unneurotic to instrumentality the president’s policies," White House spokesperson Davis Ingle said.

U.S. households are grappling with cost-of-living increases ranging from lodging and groceries to substance and acquisition adjacent arsenic ostentation has grown astatine a slower rate. Prices took halfway signifier successful past week's authorities and section elections that saw Democrats expanse cardinal races adjacent arsenic Trump has doubled down connected his economical program.

"I don't cognize that they are saying that. I deliberation polls are fake. We person the top system we've ever had," Trump told Fox News.