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With interest rates having nowhere to go but up, look for the government to introduce the fifty year mortgage in order to keep the party going.
by bradleyjg 6y ago
With interest rates having nowhere to go but up, look for the government to introduce the fifty year mortgage in order to keep the party going.
- chii 6y agowhy would the gov't be in control of the mortgage period? That's between the borrower and the bank.
- bradleyjg 6y agoIn the vast majority of US mortgages the bank is the government. It’s deceptive because borrowers deal with private originators and servicers, but they are just contractors for the government.
- lotsofpulp 6y agoIn the US, most of the mortgage market has the government as the guarantor, via Fannie Mae, Ginnie Mae, and Freddie Mac. If you have a conforming loan, then whoever is collecting interest is basically insured by the US taxpayers. https://en.wikipedia.org/wiki/Conforming_loan https://en.wikipedia.org/wiki/Conforming_loan