RBI says it will take action against banks for not providing the information required to assess a mortgage application article RBI Governor Raghuram Rajan today said it will review the role of banks in mortgage applications if the information is not provided.The RBI has asked banks to provide the information needed to assess whether a mortgage has been granted or declined within a certain time fra...
Donald Trump’s campaign for president on Wednesday proposed raising the interest rates on some home loans to as much as 15 percent.
The Trump Mortgage Bank, a subsidiary of his campaign, is the first big mortgage lender to go ahead with such a plan.
The move comes after Trump, who has proposed closing the so-called revolving door between Wall Street and the White House, said in a recent interview that he wants to make the mortgage market more competitive, rather than just create a new type of bubble.
“I think it’s the right thing to do,” Trump said on MSNBC.
Trump said he is also proposing an increase in the amount of interest the borrowers can receive, and to increase the interest rate on the first $500,000 of a mortgage.
Trump has repeatedly touted his plan to get Americans out of debt, and has called for eliminating the revolving door.
However, Trump said Wednesday that he would not make any changes to the way mortgages are paid, as long as it is not used to leverage the nation’s debts.
The president also said he would look at extending the term of a home loan by as long, if not longer, than it is currently, as the interest on the loan could become too high.
However in an interview with The Wall Street Journal on Wednesday, Trump reiterated his desire to reduce the interest paid on the interest-only mortgages.
Trump and his advisers have said that he is still looking at a number of proposals, including one proposal that would extend the terms of some loan types, but Trump has not made any proposals publicly.
Trump on Wednesday also said that banks should consider a “reclassification” of the mortgage-interest deduction, which currently allows lenders to deduct interest on home loans that are paid back within five years.
This move would eliminate the deduction from the income of some households, and would give borrowers more of a chance to refinance mortgages.
On Thursday, Trump also said the U.S. government needs to reduce its dependence on foreign companies for its energy needs, and that the federal government should make it easier for foreign companies to obtain American energy contracts.