You don’t win elections just to win lections, then blindly follow the leader wherever he chooses to go, like listless vessels. That’s what the Washington cartel does.
You win elections not for power but for the power to do something. To do what? The principles that Kirk, Buckley, and others laid out are still the north star of what we’re trying to do.
They executed Socrates for corrupting the youth. This total collection of self-dealing scoundrels including the politicians who use all of this to buy a devoted class of dependent voters should receive the same punishment.
I’d normally lean more towards “buyer beware” and the idea that fools will be separated from their money regardless, but I’ll reiterate:
I highly suspect theoretical 50 yrs are going to be weighted towards FHA-backed loans; which is gonna put the taxpayer on the hook.
It’s going to artificially constrain the market, even if you eliminate the FHA? By putting people in homes/mortgages they’ll be stuck with for 10+ years.
I guess if you solve the former? Maybe I don’t care about the latter... Eliminate FHA loans and the only people who buy 50 yr notes are savvy (or well-capitalized) borrowers that can get a private lender to underwrite. I’m skeptical there’s a big market for that, but maybe.
Forget the 2008 subprime crisis - you’re creating the mother of all landmines so long as home lending continues to work the way it does.