President Donald Trump appears to be backing away from the idea of allowing homebuyers to tap their retirement accounts without tax penalties to fund down payments — a proposal that had been publicly floated by his economic team but met with skepticism from housing experts.

Speaking to reporters Thursday while returning to Washington from the World Economic Forum in Davos, Switzerland, Trump said he is “not a huge fan” of using retirement savings for down payments, adding that he prefers Americans keep their 401(k) balances intact.

“I’m so happy with the way 401(k)s are doing,” the president said.

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