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If this legislation passes this will be an interest generating 50 year gift to mortgage bankers keeping Americans ever deeper in debt!
A 50-Year Mortgage Does Nothing for “Affordability,” Is a Terrible Deal for Homeowners and a Superb Deal for Banks & Investors
by Wolf Richter •
Monthly payment for a 50-year mortgage of $500,000 would be only $91 lower than of a 30-year mortgage, but homeowners would get crushed by nearly $1 million in interest.
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