It’s all about rich vs. poor.
You and everyone you know is poor.
borrowers taking on a five-decade loan would struggle to build equity—with most payments in the first decade being on interest rather than principal. With limited equity, homeowners would have less of a financial cushion should a shock occur—a drop in house prices or unexpected expense—and therefore be at “greater risk of default on these loans.” Given this heightened risk, Zandi said interest rates would be “significantly higher” than on standard 30-year mortgages, eliminating many of the cost savings that would result from the longer repayment period.
So it’s just a scheme to squeeze the little guy more.
They want to eventually own all housing and rent it, don’t they?
This is renting, just the bank is your landlord and you’re responsible for all bills and repairs.
That sounds like something a radical left antifa terrorist would say.
