President Donald Trump has stirred up a political storm after reportedly embracing an unvetted proposal for a 50-year mortgage plan during a brief meeting at his Palm Beach golf club.
According to Politico, the idea came from Bill Pulte, 37, Trump’s Federal Housing Finance Agency director, who pitched the plan using a homemade visual aid — a poster comparing Franklin D. Roosevelt, credited with popularizing the 30-year mortgage, to Trump, promoting a “50-year mortgage.”
Within minutes of their meeting, Trump, 79, posted the image to Truth Social under the headline “Great American Presidents,” appearing to endorse the plan. Pulte also shared the same image on X (formerly Twitter), calling the proposal a “complete game changer.”
The reaction from financial experts and political allies alike was swift — and harsh.
“Terrible idea,” said Shark Tank star and investor Kevin O’Leary, a sometime Trump supporter. “With all that interest, you’d never actually own your home.”
Investor James Fishback, known for promoting crypto initiatives, blasted the idea as “a spit in the face” and “an insult,” arguing it would turn Americans into “debt slaves to banks and private equity firms.”
Even MAGA firebrand Rep. Marjorie Taylor Greene weighed in, warning that the plan would only enrich banks and builders while ensuring that homeowners “die before they ever pay off their home.”
Following the online backlash, Pulte attempted to clarify his comments, calling the 50-year mortgage “just one potential weapon in a wide arsenal of solutions we’re developing.”
But Politico reports the White House was blindsided by the move. Aides were said to be scrambling to handle calls from furious officials and supporters. One person familiar with the situation told the outlet that Pulte “sold POTUS a bill of goods” without fully explaining the possible downsides. Another insider suggested Pulte’s “days are numbered” after “publicly humiliating the president” with the idea.
Still, Trump appeared unfazed by the criticism. In a Monday interview with Fox News host Laura Ingraham, he brushed off the controversy.
“It’s not even a big deal,” Trump said. “You go from 40 to 50 years.”
Ingraham quickly corrected him — “It’s 30 to 50 years” — but Trump doubled down, insisting the plan would mean “lower monthly payments” for Americans.
The proposed 50-year mortgage plan has not been officially introduced, but the uproar shows just how quickly a golf club conversation can ripple through politics, finance, and the housing market.
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Of course me then hates it!
These are all the same excuses give to zfDR about the 30 year mortgage! Life expectancy was much lower than and prior to the Great Depression home mortgage were interest only for 7 years with a balloon payment at the end of term! Everyone howled when GDR pushed the 40 year mortgage! But home many people got to own homes and build personal wealth because of it??? Same here
Better to keep interest under 4% for reasonably priced homes… higher for over priced/high priced homes…