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Robbing from Peter to pay Paul. This does nothing to address the price of housing, plus it reduces future retirement assets.

Cool. Mortgage your future for your mortgage.

“i’m the king of debt” he said and ppl voted for him not considering that in his zeal for debt not only would he not bring prices down but his policies would threaten their own financial wellbeing

What a stupid fucking idea.So then what, they can never retire, but they have a place to die, broken from manual labor at 80 years old?

This announcement helps explain why the Fed is not in thrall of T's "reduce interest rates" siren song. Using retirement money for a down payment isn't a genius idea, though it might be prudent for some. 401(k)s are not intended housing, but for retirement, increasingly necessary in uncertain times.

Another stupid economic plan from Trump.

People can already do this.

Haven't thought about this in awhile, but his hands really are abnormally small.

Ten points for using one of the many “Trump jerking off invisible dicks” pictures. Why are there so, so many pictures of this dude jerking off invisible dicks.

* "The dog that didn't bark" is a famous clue from a Sherlock Holmes story, "The Adventure of Silver Blaze," where the absence of a guard dog's barking indicates the thief was someone familiar with the dog. * bsky.app/profile/atru...

And to - as pictured- jerk off two dicks on Epstein Island as he himself often did back in the day.

He is going to issue a plan next week that already exists.

People have been doing this FOR YEARS ffs I get that Trump is a serial liar who takes credit for stuff he never did but you'd think the WSJ would know better.

Burning your savings is a long-term path to ruin for Americans.

This is already a think. You can take a loan out on it and pay it back with no interest

Lol

First we took away direct pensions, then we took away the companies contributions to 401k, (yes, companies contributed one time). now we take all your saving without a plan to pay it back. We want you poor and desperate when you ready to retire.

One, you can already do this. Two, "We're still talking about the mechanics of it" means that they just announced a thing you can already do without having any idea of how their new proposal will be different. Three, without building more homes this just makes homes more expensive.

We just need to subsidize demand!

Spending your whole 401k on a down payment with a 50-year mortgage because you don't expect to reach 60 years of age anyway.

So not only will you have a mortgage payment but you’ll have a monthly payment to pay back your 401k as well.

🤷‍♂️ abcnews.go.com/Politics/har...

Very smart. That’s some brilliant long-term thinking from the octogenarian-in-chief

Sounds like a brilliant financial plan... especially with a 50 year mortgage they were also talking about.

Sure sign of a booming economy: borrowing against your retirement to make a down payment

Ah yes the 401k funds that all early 20 somethings trying to get their first house definitely have. Fucking morons.

Australia did this in July 2017 and the cost of housing has sky-rocketed as a result.

"Many people are coming up to me, middle aged first-time buyers, 50, 60 years old, with tears in their eyes saying thank you sir, I might even have equity in my house by the time I'm 95, I'm excited to work until I'm dead"

Perfect image to represent his milking of the American people.

Next step: crypto! Got to provide exit-liquidity!

Fact: Most Americans are not interested in more debt while Trump and his oligarch bros make Trillions while cutting their own taxes. This regime is profiting off of human pain.

In other words, since you can't afford a downpayment cause life us unaffordable---take from your future self to give to current yourself--but either way it's coming out of your pocket. And then there is the 50 year mortgage which increases your interest paid by 100 percent over the life of the loan

Increased demand = increased prices. It's not complex. Increased supply = decreased prices. It's not complex.

So this will, what, maybe increase demand? We've got a supply problem when it comes to housing -- which creates an affordability crisis...

REPUBLICANS do not give a shit about Americans, especially lower income Americans. This is INSANE.

Unsurprisingly out of touch. How many people who can’t afford to buy a house have a big 401(k) lying around? And seems very risky for mortgage lenders. And why should Americans have to choose between home ownership and retirement?

Seems odd that they would want people to pull money out of the stock market.

And the REALLY good news is no need to worry about depleting your retirement fund (you know, now that company pensions mostly aren’t a thing) cause you’re going to be working till you’re 80 to pay off the 50 year mortgage Trump wants to stick you with

You can already use your 401k for down payment. Major caveat is that if you have an employee match, it is not restored until the 401K is replenished

You...can already do that.

Is that 50 year mortgage idea not working out so well?

Good luck in retirement.

Can’t we already do that?

That’s already allowed. 🤦‍♀️

This is a very weird title because… I already did this exact thing in 2022?

you know in a functioning society people can afford to both have shelter and retire in old age

bad idea. it will only increase house prices even more and leave people more vulnerable at retirement.

Doesn't seem like this is going to do much to drive the average age of first time buyers back below forty.

Never trust a Republican

Wall Street journal is basically state propaganda. If you go look at their headlines it’s all about affordability and inflation and trying to pretend that everything is ok when it is clearly not.

Because young people trying to buy their first home always have huge 401k accounts to draw from?

Love inflating the price of houses again without handling the supply whatsoever 🙄

Can someone with access and a brain please step up. Thank you for your continued inattention to this matter.

Terrible idea.

What a terrible idea

Putting tariffs on housing building materials, removing all the immigrants from the construction industry, and pouring more money into the housing market does nothing but push up the price of housing... real estate being Trump's primary business enterprises.

Part of the plan to take EVERYTHING from the 99%. Let you liquidate your 401k to buy a home, then crash housing & increase unemployment & costs for everything & take the home.

What could go wrong? 🤦‍♂️

You already can do this

You can tap your 401k for medical emergencies, for education, to avoid bankruptcy, if your house burns down or any hardship emergency Good luck getting through life with none of these happening. This is why so many oldsters depleted their 401k. Us boomers know its not really a retirement fund

I would like to thank WSJ for using a photo of Trump depicting him as the brainless infant he has always been.

This is idiotic. The only way you got a 401k balance was by diverting your income that could have gone to…a downpayment? WSJ is just another Trump Pravda. Morons.

What a fucking terrible idea.

Shoutout to the staffer that chose the ‘double handjob’ pic for this article. Someone at WSJ is doing the Lourd’s Work.

i guess it's what's to be expected from a dementia narcissist who thinks he's the brightest in every single room

YES!!!! Losing my mind on this. If there's anything new here, it's not in the headline or anywhere above the paywall.

Yes…

Yes, I did as a down payment on my home in 2022.

Yes, I did it in 2001. Different time, of course, but it wasn't an issue for me.

I believe there may be some issues with paying it back though if you change jobs. I looked into it (many) years ago and remember something odd about that kept me from doing it.

That’s stupid. The housing market is overheated. Never take financial advice from a crook.

They will have to lower mortgage standards. It leaves lenders w/volatile assets. It also means safety net assets will disappear. The reality is hedgefunds inflated values & people have become overextended. A stagnant and declining job market, rising costs & inflation...RE is dead. Like his brain.

what 401k

This will do nothing except increase housing prices and fuck over people both now and in the future.

Now Pat, here's a guy who knows his way around inflating a market inefficiently. Pour a bunch of cash into it without adjusting the supply or demand and WHAM! Dead-Weight Loss! It's like he's still playing in the NYC real estate market in the '80s!

Oh cool I can risk my retirement funds on a house that ICE will break into! Sweet!

The homes will be quickly foreclosed upon if/when the people fall behind on payments, and they'll lose both the homes and the money from 401s. This is simply another scheme to steel money from the People.

Oh cool cool he’s gonna let the lucky folks who have some retirement funds rob Peter to pay Paul with them

does the article note that this is already allowed and not in any way new (and by making it a headline WSJ is misleading its readers)?

Tapping 401Ks for a down payment and then getting a 50 year loan. I’m sure that’ll bring prices right down 🤣 Wharton owes Trump his tuition back for the MBA

Very bad idea.

#ettd

If people do that then they are just as dumb as Pedo Piggy POTUS. Oh right the bankruptcy King.

Great 🙄

So the dumbest thing ever. Got it