GOP members are turning on the Trump administration as they point to a flawed policy that they would not personally back.
One representative observed there were clear “disadvantages” to a 50-year mortgage policy floated by Trump, while another said they simply “wouldn’t take one out.” Trump’s 50-year mortgage plan was floated earlier this year as the president claimed it would mean you “pay less per month.”
But economists have pointed out the interest on a 50-year mortgage would end up being far larger than that of a 30-year mortgage. Trump said, “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.”
Speaking to The Hill, several Republican senators aired their concern over the proposed mortgage plan, with one saying they would appreciate a “hearing” on the finer details of such a policy.
Sen. John Kennedy (R-LA) said, “I want to hold a hearing on it. There are some advantages of it in terms of lowering the cost of owning a home, but there are some disadvantages, too. There’s a lot of interest, extra interest, that has to be paid between a 30 and 50-year mortgage.”
Sen. Ron Johnson (R-WI) stated he could simply not back such a plan personally, making it clear that if he were offered a 50-year mortgage, he would not take it. He said, “I wouldn’t take one out. It’s not a good idea.”
Sen. Rand Paul (R-KY), who Trump came to blows with earlier this week after calling Paul a “sick wacko,” believes the 50-year mortgage doesn’t make sense financially.
He said, “I don’t know how you create it. The people that I have talked with say that 50 years is longer than most people are in a house — a lot longer. It would lower your payments a little bit, but your overall what you pay — I think a $300,000 house becomes a $1 million house over that period of time.”
Some senators believe it is not defiance of Trump’s administration but representing their voters that matters most. Sen. Thom Tillis (R-NC) said, “We really are a mouthpiece for our constituents. I don’t view it as much as a defection or a disagreement with the president but saying, ‘Look, these are serious issues that we need to address in a way that best positions us for re-election next year.’”
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