Business
Trump calls his 50-year mortgage idea ‘not even a big deal’ while insisting ‘the economy is the strongest it’s ever been’
President Donald Trump played down the significance of his proposed 50-year mortgage plan in a recent interview, calling it “not even a big deal… it might help a little bit,” during a segment on Fox News with Laura Ingraham. The idea, which aims to extend mortgage terms for Americans, has triggered a wave of criticism across the political spectrum, as Ingraham noted, with some labeling it a financial trap for homebuyers and a windfall for banks.
In the interview aired on The Ingraham Angle, the Fox host pressed Trump on the impact of his housing proposals, including the much-discussed 50-year mortgage concept. Housing costs, Ingraham noted, are pushing the average age of first-time buyers to 40—“sad for the country,” she remarked. Trump defended the policy by saying he “inherited” the predicament and characterized the shift from traditional 30-year to potential 50-year mortgages as minor: “It’s not even a big deal … all it means is you pay less per month, you pay it over a longer period of time. It’s not, like, a big factor. It might help a little bit,” Trump insisted.
Trump’s housing director, Bill Pulte, was much more positive on the idea’s impact. “Thanks to President Trump, we are indeed working on The 50-year Mortgage – a complete game changer,” the Federal Housing Finance Agency Director Bill Pulte said Saturday in a statement released on social media.
Trump further argued that the more pressing issue was the spike in interest rates, blaming President Biden and Federal Reserve Chair Jerome Powell—whom he referred to as “Too Late”—for sluggish responsiveness. Trump assured viewers that interest rates would come down, but defended the overall strength of the economy under his stewardship: “Even with interest rates up, the economy is the strongest it’s ever been,” he asserted.
Ingraham raised the issue of people saying they have significant anxiety about the economy in the electorate, and Trump pushed back. “I don’t know that they are saying that. We’ve got the greatest economy that we’ve ever had.”
Ingraham and critics push back
The plan didn’t escape harsh scrutiny, including from Ingraham herself. She pointed out that the backlash wasn’t coming just from Democrats but also from within Trump’s own base, who characterize extended mortgages as giveaways to banks and mortgage lenders. She said Trump’s base was “enraged” and asked him about a “significant MAGA backlash, calling it a giveaway to the banks and simply prolonging the time it would take for Americans to own a home outright. Is that really a good idea?” Ingraham asked.
On social media and in public statements, several Republican figures lashed out at the proposal. Rep. Thomas Massie (R-KY) compared the idea to having no real ownership at all, asking, “How is ‘here, enjoy this 50 year mortgage’ different from ‘you will own nothing and you will like it?’” Rep. Marjorie Taylor Greene (R-GA) worried the plan would “ultimately reward the banks, mortgage lenders and homebuilders while people pay far more in interest over time and die before they ever pay off their home. In debt forever, in debt for life!”
Conservative media voices echoed these concerns. Glenn Beck described the plan as “almost like… ‘you will own nothing and be happy.’”
Bloomberg Opinion’s Allison Schrager, on the other hand, wrote on Tuesday that it’s a good idea, with the market clearly expressing a need for something like the 50-year mortgage to exist. It’s “not a terrible idea,” she wrote, adding that while people who sell their homes before their mortgage matures will get less value, “that may be a worthwhile tradeoff for someone who needs or wants a lower monthly payment.” Still, she added she’s concerned it will be difficult to price and she still has some deep concerns about the idea.
