General Discussion

Wiz Imp

(8,501 posts)

29. Bullshit.

Tue Nov 11, 2025, 09:27 PM

Nov 11

The statement that the Obama administration did not embrace 40-year mortgages for general use is accurate. Forty-year mortgages were primarily an optional component within the administration's specific loan modification programs designed to help struggling homeowners avoid foreclosure, not a new, broadly encouraged standard for new home purchases.

Loan Modification (HAMP): The primary initiative, the Home Affordable Modification Program (HAMP), aimed to reduce monthly payments for at-risk homeowners. As part of a series of steps to achieve this, mortgage servicers had the option to extend the loan term up to 40 years. This was a tool for loss mitigation in cases of financial hardship, not a standard offering for all borrowers

General Mortgage Market: For the general market, the Obama administration did not promote 40-year mortgages. In fact, after the financial crisis, the Federal Housing Finance Agency (FHFA) prohibited Fannie Mae and Freddie Mac from purchasing loans with a term longer than 30 years.

Cannot edit, recommend, or reply in locked discussions

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

36 replies

= new reply since forum marked as read

Highlight:

This message was self-deleted by its author [View all] PeaceWave Nov 11 OP

Who cares? n/t leftstreet Nov 11 #1

Very simple BeerBarrelPolka Nov 11 #2

50 year mortgages are like reverse mortgages. No one should use them unless absolutely necessary. But agree with post. Silent Type Nov 11 #3

This message was self-deleted by its author PeaceWave Nov 11 #4

Except sometimes folks have no choice. Silent Type Nov 11 #5

This message was self-deleted by its author PeaceWave Nov 11 #18

Yes,reverse M's tack on a lot of fees that eventually eat up all your equity, they are one of the worst bankster scams,. yaesu Nov 11 #7

This message was self-deleted by its author PeaceWave Nov 11 #11

Don't see any evidence majority of Dems embraced 40 yr mortgages uponit7771 Nov 11 #15

I never embraced 40 year mortgages pat_k Nov 11 #6

Is the mortgage schedule part and parcel of the Democratic platform? Torchlight Nov 11 #8

10 year difference. We don't have adequate renovation programs. The homes are too BIG. bucolic_frolic Nov 11 #9

This message was self-deleted by its author PeaceWave Nov 11 #10

I'm mainly just complaining about the bullshit self-aggrandizement of putting Trump on a sign with FDR AZJonnie Nov 11 #12

This message was self-deleted by its author PeaceWave Nov 11 #13

Link to majority Dems embracing 40 yr mortgages under Obama ...tia uponit7771 Nov 11 #14

We? demmiblue Nov 11 #16

40 year loans were not widely embraced under Obama. And Obama himself clearly did not embrace them. Wiz Imp Nov 11 #17

This message was self-deleted by its author PeaceWave Nov 11 #24

40 year mortgages were one element of a package of comprehensive reforms DBoon Nov 11 #26

Bullshit. Wiz Imp Nov 11 #29

The way we do it is to propose a national credit union that will make SIMPLE INTEREST home loans Volaris Nov 11 #19

40+ year mortgages are SMART in the right market conditions... WarGamer Nov 11 #20

This message was self-deleted by its author PeaceWave Nov 11 #21

Lower payments doesn't mean more affordable Happy Hoosier Nov 12 #36

It's a quesiton of affordability. So either fix wages or fix real property prices. flvegan Nov 11 #22

This message was self-deleted by its author PeaceWave Nov 11 #23

I have no problem with 40 or 50 yr mortgages ... PBC_Democrat Nov 11 #25

I hated the idea of a 40 yr mortgage then Sailingdiver Nov 11 #27

Yes, a 50 year mortgage and the amount of interest paid over that period is insane. CentralMass Nov 11 #28

You left out some critical facts: spooky3 Nov 11 #30

I didn't know that I or we embraced 40 year loans Renew Deal Nov 11 #31

The average voter doesn't know either newdeal2 Nov 12 #35

But is there a universal problem or solution JT45242 Nov 11 #32

This message was self-deleted by its author PeaceWave Nov 11 #34

Take a good look at the graph you reference in your OP. Totally Tunsie Nov 11 #33