Trump vows to slash mortgage rates, revive ‘American Dream’ while blaming Biden housing failures in Truth post

President Donald Trump said he is directing representatives to buy $200 billion in mortgage bonds to drive down rates, blaming former President Joe Biden for what he called a broken economy marked by inflation, crime and an “American Dream” he says his administration is restoring.

The comments came in a social media post Thursday in which Trump leveled a broader critique of the Biden-era economy while highlighting past decisions he said strengthened key housing institutions.

“Biden ignored the Housing Market, and instead was immersed with High Crime, Open Borders, runaway INFLATION, the Afghanistan Disaster, and a Military that he left in Chaos and Confusion,” Trump wrote on Truth Social. “Everything was broken, but I, as President of the United States, have already fixed it!

“Now, I am giving special attention to the Housing Market. Because I chose not to sell Fannie Mae and Freddie Mac in my First Term, a truly great decision, and against the advice of the ‘experts,’ it is now worth many times that amount — AN ABSOLUTE FORTUNE — and has $200 BILLION DOLLARS IN CASH,” he continued. “Because of this, I am instructing my Representatives to BUY $200 BILLION DOLLARS IN MORTGAGE BONDS. This will drive Mortgage Rates DOWN, monthly payments DOWN, and make the cost of owning a home more affordable.

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“It is one of my many steps in restoring Affordability, something that the Biden Administration absolutely destroyed,” Trump added. “We are bringing back the AMERICAN DREAM that was destroyed by the last Administration. MAKE AMERICA GREAT AGAIN!”

In response to Trump’s post, Director of Federal Housing William Pulte said on X, “We are on it. Thanks to President Trump, Fannie and Freddie will be executing.”

The announcement followed Trump’s proposal to ban “large institutional investors” from purchasing single-family homes as part of a broader housing agenda.

Trump said high inflation has pushed homeownership out of reach for many Americans, particularly younger buyers, arguing the housing market has drifted away from its traditional role as a pathway to the American Dream.

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“People live in homes, not corporations,” Trump said.

Trump did not provide details on how or when the ban would be implemented but said he would discuss it further during his upcoming appearance at the annual meeting of the World Economic Forum in Davos.

Trump’s housing push comes as scrutiny has grown over comments made by a top housing official in New York City Mayor Zohran Mamdani’s administration regarding homeownership.

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Cea Weaver, a longtime housing activist and member of the Democratic Socialists of America, was tapped by Mamdani to serve as director of the Mayor’s Office to Protect Tenants.

Since taking office, Weaver has drawn attention to several past tweets posted on her since-deleted X account.

A screenshot of an Aug. 21, 2019, tweet shows Weaver writing that “private property, including and kind of ESPECIALLY homeownership is a weapon of white supremacy masquerading as ‘wealth building’ public policy.”

In an earlier tweet from Dec. 18, 2017, Weaver also called for voters to “elect more communists.”

Fox News Digital’s Rachel Wolf and Peter Pinedo contributed to this report.