Donald Trump’s latest plan to help people buy homes is getting a horrible reception from many experts and political observers, with one individual declaring it a “spectacularly dumb” idea.
Trump recently teased a plan for a “50-year mortgage” on his social media, and on Saturday administration officials confirmed such a plan is in the works. But with 30-year mortgages already putting some people in debt for much of their lives, some analysts sounded the alarm.
Progressive influencer Alex Cole said, “A $400K house at 6% costs $863K on a 30-year mortgage. On Trump’s 50-year plan? $1.38M. That’s half a million more in interest. Trump supporters cheering for 50-year mortgages is like turkeys cheering for Thanksgiving.”