50 Year Mortgages Are Actually Even Dumber Than You Think

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Late last week the idea of a 50 year mortgage was (not so subtly) floated to the American public.
Now almost everybody immediately called this out for being… a really dumb idea… and for good reason…
50 year mortgages will effectively double the total interest people pay on their homes, they will undermine equity accumulation, it will make the housing market more rigid than it already is, introduce significant structural risks to the financial system… oh and this whole thing will just make homes more expensive than they already are…
The average first time home buyer is now 40 years old… adding on a 50 year mortgage at that age means that statistically people will still be making their payments… 11 years after they are… dead…
This is not to mention that if we still really thought it was worth trying, other countries have already done that for us… and the results were pretty disastrous…
Now you probably already knew all of these issues,
BUT the problems that come with a 50 year mortgage go much much deeper than this…
And this raises two important questions…
if 50 year mortgages are such a threat to our economic system then… how exactly did we decide that 30 years was the ideal?
But perhaps the more important question is…
If this is so obviously a dumb idea… who stands to profit the most by making it happen?