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White House officials are reportedly not happy with this idea of a 50-year mortgage.

It seems as though there are some people involved in housing there who realize that this

is a terrible, terrible idea.

And of course it is.

You know, we've talked already a couple times, Pat, which is that if the goal is to make housing

more affordable, allowing people to spread payments over 50 years, while it does lower the

monthly payment, it actually creates a snowball debt effect because people can afford all of a sudden

believe they can afford more expensive houses.

It makes it so that there are more bidders for houses at every price point by allowing

lower payments.

You fund almost no equity for even more of the initial years of the mortgage.

It's a terrible idea.

And it seems once again that this was not really vetted by the people who know about it. And now there are people at the White House trying to figure out, how the hell are we going to clean up this mess? Absolutely. There are way better ways to make housing more affordable. Arguably, this doesn't even make housing more affordable because, yes, while you pay less month to month, you're paying a lower monthly payment, you're going to spend a lot more money

over the entire term of that loan. So I'd grant the numbers, a 30-year mortgage for a $500,000

house at a 6% interest rate, which is about where things are right now. Your average monthly payment,

your monthly payment is going to be $2,400. And over the course of the entire loan,

over that 30 years, you're going to pay $863,000. So a few extra $100,000 in interest. But if it's a

50 year loan, your monthly payment only goes down $250. It would be $2,150 a month. And over the

entire course of that loan, you'd end up paying almost $1.3 million for that

...