Top Trump Housing Official Tells Fox News 50-Year Mortgage Scheme is Still ‘On the Table’

A White House Cabinet official told Fox News, on Sunday, that President Donald Trump’s widely-criticized 50-year mortgage plan is still under consideration.

In an interview on Fox & Friends Weekend, HUD Secretary Scott Turner was quizzed about the prospect of 50-year mortgages by host Griff Jenkins — who pressed Turner for policy specifics on how the administration plans to make housing more affordable.

“I think a lot of the American people are wondering will there be 50-year mortgages, longer mortgage products available?” Jenkins asked. “Will there be this push to perhaps ease zoning restrictions? Share with us some details that the American people are so hungry for of ideas you may present the president with.”

Turner’s response was vague.

“There’s a myriad of ideas that have been discussed, from mortgage, obviously, from interest rates, to cutting red tape,” Turner said. “I know at HUD, this year alone, we have helped over one million first-time home buyers through our FHA and Ginnie Mae programs at HUD. And so that’s some good news that the American people can celebrate. And also, to be encouraged to look at FHA, and look at Ginnie Mae if you’re a first- time home buyer, cutting red tape, taking down burdensome regulations, not only from a federal standpoint, but also from a local standpoint.”

Jenkins pressed Turner on the 50-year mortgage plan.

“I’m going to ask you again about that 50-year mortgage — that’s a really out-of-the-box idea,” Jenkins said. “The immediate criticism was it would lock younger people into longer interest payments. Do you believe like something like a 50-year mortgage could actually work for for people.”

Turner was non-committal, but made clear it’s still an option.

“You know, I think it’s yet to be seen,” Turner said. “It’s very early. I think more research needs to be done on a 50-year mortgage and the other ideas that have been put forth. Because — one thing from a HUD standpoint, from my standpoint, we want to make sure that the housing market is secure. And also for any FHA, Ginnie Mae taxpayer-backed mortgages are stable and secure for the American people. And so the 50-year mortgage and other ideas that have been circulated through the public are being discussed, are on the table. But at the end of the day, the president and the other leaders in the administration will discuss what’s the best possible path, secure path, to help the American people to afford a home.”

The proposal drew a ton of criticism from observers of all political stripes when it was first floated by the president in early November. Fox Business host Charles Payne — citing an example of a $400,000 house — noted that buyers would pay roughly twice as much interest over the life of the loan on a 50-year mortgage as compared to a 30-year.

“By the time you finish paying this bad boy off, the 30-year, you pay $359,000, versus a 50-year, almost $700,000,” Payne said. He added, “it’s just a gargantuan difference just to make people feel better, and that’s not the way to do this.”

Shortly after the idea was made public, Politico reported there was an internal firestorm in the West Wing — with unnamed officials raging at Federal Housing Finance Agency director Bill Pulte , who first pitched Trump on the idea. But nonetheless, Turner made clear on Sunday that it is still a possibility.

Watch above, via Fox News.