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Makes no sense. Never going to happen.
this and 15 year car loans are the dumbest ideas this country has had in a while…
It does if your goal is to return to Middle Ages Oligarchic landlords serviced by impoverished Surfs
That’s what they mean by Making America Great Again …
Just wanted to comment that “JJ Frankie J.” is a pretty cool name!
Most of the rest of the world doesn’t have long term fixed rate mortgages. Fixed rate mortgages creates all kinds of weirdness in the housing market especially when rates change. The period of near zero interest rates and nearly free money was not normal.
I have seen studies that one of bigger things that distorts the housing market is the mrrtgage interest tax deduction. It has been proven to inflate housing prices by as much as 20% as people take on this subsidized debt. It encourages stratification of the housing market where well monied buys are encouraged to trade up to every few years. It also is a regressive tax where the richer you are the bigger the break you get, so the little guy never wins. If you want to reform the housing market, phase out the mortgage exemption starting at the top end over the next 10 or 15 years.
Hmm . . . does that seem like a good deal? More interest to the lender. Longer payoff. And, there’s less . . . .
Bad idea.