i wish i could have been in the room when they were brainstorming how to solve the housing crisis and someone raised their hand and said "what about 50 year mortgages?"
i honestly laugh every time i think about it
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I cry.
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Well...
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Sadly, I think this was more insidious than stupid. They knew what it meant, more money for corporations and it's a way for them to get to claim they solved a crisis without really solving anything.
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Worse to consider that Bill Pulte floated it with a poster to Trump and he fell for it.
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Mortgage is death pledge in French. It's all there in the name
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The guy who said it was probably Trump
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I imagine they went through a few ideas, rejecting each one:
"I don't know, it doesn't sound like we'd be able to make a lot of money off that..."
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The cackle I let out when I heard.
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50 yrs mortgage is bad for most people; but it could help those that cannot afford the monthly pmts of 15 or 30 yr mrtg. I am referring to the very young & the elderly. The young can take 50 yr mortgage until get a better job & refinance for a 15 yr mrtg. For the elderly is better than reverse mrtg
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Infinite negative equity mortgages! You owe more principal every year!
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Japan had (has?) 100-year mortgages.
(Canada has 5-year mortgages amortized over 25 years max. And if you pay off a fixed rate mortgage early (e.g. by refinancing), you pay a penalty.)
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“Have we tried immiserating two generations instead of just one?”
“Brilliant, write that down; write that down!”
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What about.. 7 min abs?
There's Something About Mary - 7 minute abs
YouTube video by Fidelis Fit
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Probably in the same breath as “and make retirement age 85.”
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I bet there was laughing in the room.
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That's basically how the 30 year mortgage happened! "What can we do to make housing more affordable? How about if we juice demand even more, would that help?"
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Now somebody is floating "Take your mortgage with you when you sell and buy a new house."
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And then JD says "building on that, shouldn't we also consider how to blame housing prices on immigrants?"
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Jokes them! I could finally buy a house at 59. Not gonna get that paid off in 50 yrs. Oh, and F them.
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I saw it coming a decade ago. It's the only way to artificially have people afford monthly payments with house prices continuing to rise and not building enough housing.
The next generation is going to revert to serfdom if they don't organize politically.
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I wish I could laugh
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Dude it’s even better that Trump was like “oh yeah”
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‘In the last year the average age of a 1st time home buyer went up like 6 or 7 years, so we prob should spread the debt out well past the average lifetime’
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I actually thought they must already exist because how else does any non-millionaire buy a house in California without dropping their entire salary on housing?
