The Grift Goes On - And on and on. -- Mary Trump
https://www.marytrump.org/p/the-grift-goes-on
Donalds presidency is not about governing. Its about extracting as much money and power as possible for himself and his inner circle of grifters. Its all a big grift.
This week, Donald got called out on one of his latest scams in a sit-down interview with Laura Ingraham of all people. Even she wasnt buying his rationale for some of his policies
INGRAHAM: Housing costs are still out of reach, another thing that your administration is trying to tackle
Your housing director has proposed something that has enraged your MAGA friends, which is this 50-year mortgage idea. So 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?
DONALD: Its not even a big deal
All it means is you pay less per month. You pay it over a longer period of time
It might help a little bit, but the problem was that Biden did this.
Its never Donalds fault. Ever.
First of all, its sad that the average age of a first time home buyer is 40. Right now, the housing standard is a 30-year mortgage. If you buy a house at 40, youre mortgage wont be paid off until youre 70. Obviously, because were not Donald and we can do basic arithmeticif you get a 50-year mortgage, it wont be paid off until youre 90, so were talking about saddling people with a lifetime of debt.
Its actually true that monthly payments would be lower on a 50-year mortgage, but not that much lower. On the flip side, though, how much will an extra two-decades worth of mortgage cost you? It turns out the extra cost would be staggering.
Mortgage lender Jordan Nutter broke down the numbers.
NUTTER: So lets take a $400,000 loan on a 30-year term at 6.5%. Youre paying just over $2,500 a month for your principal and interest. However, if we do that on a 50-year term, youre about $2254, which saves you about $273 a month, and you would think thats great
So lets look at the whole picture. On a 30-year mortgage in total, youd pay roughly $910,000. The interest portion of that $910,000 would be about $510,000, okay? However, if you look at a 50-year term, $952,000 is going towards interest, which is a difference of $442,000
saving $273 a month to then pay an extra $442,000 for the life of the loan is ridiculous and in my opinion, not the way to fix this housing crisis.
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