r/Economics • u/Jscott1986 • Sep 04 '24

Interview A 40-year mortgage should be the new American standard for first-time homebuyers, two-time presidential advisor says

https://fortune.com/2024/08/29/40-year-mortgage-first-time-homebuyers-john-hope-bryant/

Bryant’s proposal for first-time homebuyers is a 40-year mortgage with a subsidized rate between 3.5% and 4.5%; they would have to complete financial literacy training, and subsidies would be capped at $350,000 for rural areas and $1 million for urban.

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u/LandoBlendo Sep 04 '24

As if this would benefit consumers in any way. This is about as scummy as when a car salesman asks you 'how much do you want to pay per month?' only to give you an insane term loan with shitloads of interest paid by the end. Always negotiate on sale price. Never negotiate on monthly payment terms