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Trump Administration Considers 401(k) Homebuying Plan Amidst Various Policy Initiatives
The Trump administration is exploring a proposal to allow Americans to use their 401(k) retirement accounts for down payments on homes, despite President Trump reportedly not being a "huge fan" of the idea, according to Fox News. This move is part of a series of initiatives aimed at addressing what the administration has termed "the affordability crisis."
Other measures considered by the administration include floating the idea of 50-year "eternal" mortgages and urging Fannie Mae and Freddie Mac to purchase $200 billion in mortgage bonds to lower interest rates, Fox News reported. The proposal comes as first-time buyer age hits 40.
In other news, New York and New Jersey filed a lawsuit against the Trump administration on Tuesday for allegedly cutting off $16 billion in federal funding for the Gateway project, a new rail tunnel under the Hudson River connecting the two states, according to Fox News. The states accuse the federal government of "illegally withholding" funds committed to the project and are seeking emergency relief to compel the release of the frozen funds. Construction is already underway, and the states fear the project could be forced to shut down as early as Friday, potentially eliminating thousands of jobs.
Meanwhile, in Portland, Oregon, a judge issued a temporary order on Tuesday restricting federal officers from using tear gas at protests outside the Immigration and Customs Enforcement (ICE) building, Fox News reported. U.S. District Judge Michael Simon instructed federal officers not to use chemical or projectile munitions on individuals who pose no imminent threat of physical harm or who are merely trespassing or refusing dispersal orders. The order follows instances of agents deploying gas at demonstrators, including young children, despite the mayor describing the assembly as peaceful.
Separately, a video circulating on social media captured a 12-year-old girl dangling from a ski chairlift at Mammoth Mountain Ski Resort in California on Saturday before falling to the ground, according to Fox News. The snowboarder appeared to be unsecured on the chairlift and struggled to hold on as her feet flailed in the air. Mountain staff members were seen rushing to assist.
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