Trump wants you chained to a mortgage forever
The Grifter-in-Chief is touting a plan only he and the people who own banks can get behind: 50-year mortgages as the answer to our housing crisis. If we assume a typical fixed rate of 6.5% and 20% down, it will take roughly 34–36 years before your monthly payment starts reducing principal faster than interest on a 50-year term.
Pay much more over time! A 50-year mortgage could see you pay double in interest payments over the term than a 30-year mortgage. Equity will build more slowly, your rates will likely be higher, and you will be house-poor. This is the sort of plan that can only come from a man held liable for knowingly faking his financials for years to get favorable bank terms.
Well, once all the immigrants have been rounded up we can use ICE to toss people into debtor prison.