No. of Recommendations: 0
The solution to everything, seems to be, to get the Proles farther in debt.
Share of 7-year car loans grows as buyers ‘work harder to make the numbers fit,’ expert says
The share of car buyers in the first quarter who signed a loan for 84 months or longer reached about 23%, up from 10% a decade ago, Edmunds data shows.
The share of new-car buyers with annual income below $100,000 was 37% last year, down from 50% in 2020, according to Cox Automotive.
Depreciation can lead to being “underwater” on the loan, which can lead to carrying that so-called negative equity into a new car loan if you trade it in.cnbc.com - Car loan termsSame thing with houses. Don't build lower priced houses. Stretch out the financing, so the Prole can go farther in debt, to pay for a McMansion.
This proposal landed with a thud, this time. I'm sure it will pass in the future.
Industry Reacts To Idea Of 50-Year Mortgage
In a social media post this past Saturday, Federal Housing Finance Agency (FHFA) Director Bill Pulte noted that the Trump administration is developing a plan to introduce 50-year mortgage terms for prospective homebuyers.
"I think it could be a good thing for homeowners to have another option that helps with affordability. Lower monthly payments can open the door for more people to buy a home, especially first-time buyers," said Tyler Hodgson, founder of NXT Mortgage via LinkedIn. "The 50-year mortgage won’t fit everyone, but for the right buyer, it could make homeownership possible when it otherwise wouldn’t be. It will be interesting to see how this unfolds."nationalmortgageprofessional.com - Industry reacts idea year mortgageBill Pulte, who floated the plan, is closely related to Pulte Homes, builder of McMansions, which would benefit from the increased number of people who could qualify for a 50 year mortgage.
Steve
