1 00:00:00,280 --> 00:00:06,559 Speaker 1: No, no, hell no. President Trump now in his economic 2 00:00:06,640 --> 00:00:10,680 Speaker 1: inner circle, have now come out with a serious proposal. 3 00:00:10,760 --> 00:00:14,320 Speaker 1: At least they're looking at it very seriously to allow 4 00:00:14,480 --> 00:00:20,160 Speaker 1: for fifty year mortgages, especially for first time home buyers. 5 00:00:20,720 --> 00:00:24,160 Speaker 1: And the reason why is obvious. The country is still 6 00:00:24,200 --> 00:00:29,520 Speaker 1: facing an affordability crisis. Republicans, even frankly, Trump's people, are 7 00:00:29,680 --> 00:00:33,320 Speaker 1: very worried that Democrats did very well in the recent 8 00:00:33,400 --> 00:00:39,000 Speaker 1: elections Virginia, New Jersey. Mamdani in New York City on 9 00:00:39,040 --> 00:00:43,800 Speaker 1: the affordability issue, and one of the top affordability issues 10 00:00:43,840 --> 00:00:47,559 Speaker 1: for many Americans the cost of buying a home, the 11 00:00:47,600 --> 00:00:52,960 Speaker 1: cost of rent housing. For many young people, buying a 12 00:00:53,040 --> 00:00:57,600 Speaker 1: home is now considered out of reach. In fact, the 13 00:00:57,760 --> 00:01:03,440 Speaker 1: average home first time home buyer is now forty years old. 14 00:01:03,560 --> 00:01:06,360 Speaker 1: In many cases, some are forty two, forty three, even 15 00:01:06,400 --> 00:01:10,160 Speaker 1: forty five. Just forty years ago. When I was growing 16 00:01:10,200 --> 00:01:13,480 Speaker 1: up in the nineteen eighties, it was twenty eight years old. 17 00:01:14,120 --> 00:01:18,280 Speaker 1: So clearly people are struggling to get that first home. 18 00:01:18,600 --> 00:01:22,399 Speaker 1: And it's no wonder prices, the cost of buying a 19 00:01:22,440 --> 00:01:27,960 Speaker 1: home has exploded, and so Trump and his people believe, 20 00:01:28,600 --> 00:01:32,839 Speaker 1: don't do a fifteen or a thirty year mortgage, extend 21 00:01:32,880 --> 00:01:36,119 Speaker 1: it to a fifty year mortgage, and what this will 22 00:01:36,120 --> 00:01:39,399 Speaker 1: do by extending the life of the loan is drive 23 00:01:39,520 --> 00:01:43,600 Speaker 1: down monthly payments. And so here is the math. The 24 00:01:43,840 --> 00:01:48,360 Speaker 1: average median home in America, not in Boston obviously, or 25 00:01:48,480 --> 00:01:51,480 Speaker 1: New York or some of these big urban areas, but 26 00:01:51,560 --> 00:01:55,600 Speaker 1: across America is four hundred and fifteen thousand dollars. That's 27 00:01:55,640 --> 00:01:59,240 Speaker 1: the average price for a median home. If you were 28 00:01:59,280 --> 00:02:02,120 Speaker 1: to put that on a thirty year mortgage, as is 29 00:02:02,160 --> 00:02:07,000 Speaker 1: traditionally done, it's two thousand bullpark two thousand, five hundred 30 00:02:07,040 --> 00:02:11,320 Speaker 1: dollars a month. Extend that to a fifty year mortgage, 31 00:02:11,960 --> 00:02:17,240 Speaker 1: it's two thousand and eight hundred and eighty eight dollars. 32 00:02:17,639 --> 00:02:21,440 Speaker 1: So basically you're looking at a savings of about two 33 00:02:21,600 --> 00:02:25,000 Speaker 1: hundred and twelve dollars, about two hundred and twenty bucks. 34 00:02:26,120 --> 00:02:30,000 Speaker 1: It's nice, it lowers the payment, makes it a little 35 00:02:30,000 --> 00:02:33,360 Speaker 1: bit more reasonable. But as I said on the show, 36 00:02:33,400 --> 00:02:36,480 Speaker 1: and I want to repeat it, is two hundred bucks 37 00:02:36,520 --> 00:02:39,560 Speaker 1: really the difference between somebody getting into a home or not. 38 00:02:40,440 --> 00:02:44,760 Speaker 1: I don't think so. The problem is that the prices 39 00:02:44,800 --> 00:02:52,480 Speaker 1: of homes are way too expensive in Boston nothing less 40 00:02:52,480 --> 00:02:55,880 Speaker 1: than seven eight nine hundred thousand dollars. You're getting a shack. 41 00:02:56,560 --> 00:03:00,400 Speaker 1: You're getting a shack. So the cost of home are 42 00:03:00,400 --> 00:03:05,200 Speaker 1: too high. Interest rates are way too high. Illegal immigration 43 00:03:05,320 --> 00:03:09,880 Speaker 1: has is driving up rents to exorbitant levels. Who can 44 00:03:09,919 --> 00:03:13,600 Speaker 1: pay three thousand, three hundred, five hundred three thousand, five 45 00:03:13,680 --> 00:03:18,000 Speaker 1: hundred four thousand dollars to rent an apartment only illegals 46 00:03:18,240 --> 00:03:22,040 Speaker 1: with housing vouchers, many of them two to three families 47 00:03:22,080 --> 00:03:26,640 Speaker 1: into one bedroom, into one apartment with two or three bedrooms. 48 00:03:27,280 --> 00:03:30,840 Speaker 1: That's the problem that we face. And this is to 49 00:03:30,960 --> 00:03:33,840 Speaker 1: me a band aid because the other side of the 50 00:03:33,919 --> 00:03:37,640 Speaker 1: story is, yes, you pay less about two hundred, two 51 00:03:37,720 --> 00:03:41,200 Speaker 1: hundred and fifty dollars a month on your mortgage every month, 52 00:03:42,400 --> 00:03:47,640 Speaker 1: but in terms of interest, the interest is much higher 53 00:03:47,680 --> 00:03:50,840 Speaker 1: on a fifty year home fifty year mortgage than on 54 00:03:50,880 --> 00:03:54,080 Speaker 1: a thirty year mortgage. And take that four hundred and 55 00:03:54,120 --> 00:03:59,360 Speaker 1: fifteen thousand dollars average median home, it adds three hundred 56 00:03:59,400 --> 00:04:05,520 Speaker 1: and seventy nine thousand dollars in interest. Basically, you're buying 57 00:04:05,600 --> 00:04:08,680 Speaker 1: not a four hundred thousand dollar home, but an eight 58 00:04:08,800 --> 00:04:11,920 Speaker 1: hundred thousand dollars a home. When you look at the 59 00:04:12,120 --> 00:04:14,800 Speaker 1: interest that you have to pay over the life of 60 00:04:14,840 --> 00:04:19,640 Speaker 1: the loan. My friends, it's a royal ripoff. And in 61 00:04:19,680 --> 00:04:23,320 Speaker 1: the end, the only people that really win is not you, 62 00:04:24,000 --> 00:04:28,280 Speaker 1: is not me, is not the average consumer. The banks. 63 00:04:29,560 --> 00:04:33,520 Speaker 1: The banks make money either way, you'd pay the life 64 00:04:33,600 --> 00:04:36,920 Speaker 1: of the loan. They've made up. They made out like bandits, 65 00:04:37,960 --> 00:04:41,680 Speaker 1: almost four hundred thousand dollars on a four hundred thousand 66 00:04:41,760 --> 00:04:46,080 Speaker 1: dollars loan. But let's say you don't make your payments. 67 00:04:46,640 --> 00:04:49,760 Speaker 1: That they're putting people in homes who they just can't 68 00:04:49,920 --> 00:04:54,120 Speaker 1: make the monthly payment. Over the long term, what happens 69 00:04:54,480 --> 00:04:58,080 Speaker 1: does the bank eat the costs when they foreclose, When 70 00:04:58,200 --> 00:05:01,360 Speaker 1: say you can't make your month payment and they stop 71 00:05:01,440 --> 00:05:04,640 Speaker 1: making their payments and people people in the home just 72 00:05:04,760 --> 00:05:10,279 Speaker 1: leave or abandon their homes. No, the government will backstop 73 00:05:10,320 --> 00:05:14,520 Speaker 1: it because these are higher risk loans. The taxpayer ends 74 00:05:14,600 --> 00:05:20,520 Speaker 1: up footing the bill. So either way, the banks make money. 75 00:05:21,560 --> 00:05:26,599 Speaker 1: My friends, I was brought up the old fashioned way. 76 00:05:28,160 --> 00:05:32,880 Speaker 1: Don't pile up debt. If you have to get a mortgage, 77 00:05:33,440 --> 00:05:38,120 Speaker 1: get a shorter mortgage, get more aggressive payments, pay off 78 00:05:38,160 --> 00:05:43,000 Speaker 1: your home as quickly as possible. Live debt free. You 79 00:05:43,080 --> 00:05:45,640 Speaker 1: buy a car, you need a loan, pay it off 80 00:05:45,680 --> 00:05:48,680 Speaker 1: in five years. Don't take out a ten year loan 81 00:05:49,360 --> 00:05:52,120 Speaker 1: and pay a lot more in interest, because by the 82 00:05:52,160 --> 00:05:55,320 Speaker 1: time the ten years is up, usually the car doesn't 83 00:05:55,360 --> 00:05:59,960 Speaker 1: work anymore and you're still left having to pay the loan. 84 00:06:00,360 --> 00:06:06,000 Speaker 1: Live debt free. That's the problem here in America. We're 85 00:06:06,040 --> 00:06:12,880 Speaker 1: becoming addicted to debt. Mortgage debt, car debt, credit card debt, 86 00:06:13,480 --> 00:06:17,560 Speaker 1: you name it, and debt makes you a slave. To 87 00:06:17,680 --> 00:06:21,600 Speaker 1: President Trump, this is a bad idea. You want to 88 00:06:21,600 --> 00:06:26,920 Speaker 1: allow lower housing costs, very simple, Get rid of Jerome Powell, 89 00:06:27,440 --> 00:06:30,840 Speaker 1: fire him as the Federal Reserve chairman, Replace him with 90 00:06:30,920 --> 00:06:34,200 Speaker 1: someone who will lower the interest rates not a little bit, 91 00:06:34,320 --> 00:06:40,280 Speaker 1: but substantially, deport the twenty million illegals. That will stop 92 00:06:40,360 --> 00:06:45,279 Speaker 1: the massive pressure on rental prices and also housing prices, 93 00:06:46,000 --> 00:06:50,400 Speaker 1: and get rid of the crippling environmental regulations that make 94 00:06:50,480 --> 00:06:55,440 Speaker 1: home building so expensive and so difficult. What we need 95 00:06:55,960 --> 00:07:02,039 Speaker 1: is more supply. We need more apartment build bildings, more condominiums, 96 00:07:02,560 --> 00:07:08,000 Speaker 1: more homes, more housing. That's what's going to lower the 97 00:07:08,040 --> 00:07:13,760 Speaker 1: price and make things more affordable. Not a fifty year loan. 98 00:07:14,240 --> 00:07:17,280 Speaker 1: I mean, hell, at this point, why stop at fifty 99 00:07:17,840 --> 00:07:19,880 Speaker 1: Why don't you make it a seventy five year loan. 100 00:07:20,160 --> 00:07:22,960 Speaker 1: Make it a hundred year loan. Hell, make it a 101 00:07:23,040 --> 00:07:26,280 Speaker 1: two hundred year loan. Indenture the kids and the grandkids 102 00:07:26,720 --> 00:07:32,120 Speaker 1: to pay for somebody's to pay for our mortgages. In 103 00:07:32,200 --> 00:07:36,119 Speaker 1: other words, we've got to stop the addiction to debt. 104 00:07:36,920 --> 00:07:41,000 Speaker 1: And really, when everything is said and done, is two 105 00:07:41,160 --> 00:07:44,360 Speaker 1: hundred dollars the difference between you getting into a home 106 00:07:44,440 --> 00:07:48,720 Speaker 1: or not. I don't know about you, but three thousand 107 00:07:48,800 --> 00:07:52,880 Speaker 1: dollars for an apartment or three thousand, five hundred or 108 00:07:53,000 --> 00:07:58,880 Speaker 1: four thousand. It's too much. It's too much. So no, 109 00:07:59,560 --> 00:08:03,400 Speaker 1: I don't need a fifty year mortgage. What I need 110 00:08:03,960 --> 00:08:10,400 Speaker 1: is someone that will actually bring the cost of homes much, much, 111 00:08:11,360 --> 00:08:16,240 Speaker 1: much lower, And that comes down to getting rid of 112 00:08:16,280 --> 00:08:23,560 Speaker 1: the illegals, bolstering supply, and bringing down interest rates. Mister President, 113 00:08:24,000 --> 00:08:27,200 Speaker 1: I love you, but on this fifty year mortgage plan, 114 00:08:28,240 --> 00:08:29,560 Speaker 1: I'm out.