Trumps First Act As President Is To Raise Mortgage Rates On Struggling Homeowners

[Yo_Mama_Been_Loggin]

One of Donald Trump’s first acts as president was to hurt struggling homeowners by signing an executive order that reversed an Obama interest rate cut on FHA mortgages.

This is how Trump began his presidency that he claimed gave power pack to the people:

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JUST IN: In one of first Trump admin. orders, Dept of Housing & Urban Dev. suspends reduction of FHA annual mortgage insurance premium rates

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Trump’s first act as president was to hurt people who may already be struggling to pay their mortgage.
Obama cut the interest rates in an effort to help more borrowers gain access to the mortgage market that has seen a surge in rates for homebuyers. The rate cut would have trimmed payments for homeowners by hundreds of dollars a year, but that is all gone now because Donald Trump’s people’s presidency isn’t about those people.

What Trump omitted from his inaugural address was that when he talked about giving power back to the people, the people he was referring to were people like himself, rich, white, old men. If you are not a rich, white, old man, the next four years are going make like much harder. Trump left that part out of his speech.

http://www.politicususa.com/2017/01/20/trumps-act-president-raise-mortgage-rates-struggling-homeowners.html

[jonno99]

1. Bad news. Is anyone else reporting this? nt

[riversedge]

4. the newspapers are on it. I do not have on the turb yet today....

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Trump's First Act As
President Is To
Raise Mortgage
Rates On Struggling Homeowners

PoliticusUSA · 1 hour ago
Trump Reverses
Obama's Mortgage
Fee Cuts on First
Day

Bloomberg · 4 hours ago
Trump already
suspends Obama-
era FHA mortgage
insurance cut

MarketWatch · 1 hour ago

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[jonno99]

5. Thanks. Btw - your Bloomberg link is broke. Is this it?

https://www.bloomberg.com/politics/articles/2017-01-20/trump-administration-overturns-obama-s-fha-mortgage-fee-cut

If so, it appears that Trump undid one of Obama's last minute EO's. Unfortunate - but no surprise.

It would have been better if Obama had enacted this earlier so that it would already have been in effect by the time Trump arrived.

[SHRED]

2. He's a piece of shit

[Mr Gerrity]

3. Not exactly accurate

The mortgage insurance rates are not going up, but they aren't going down like they were scheduled to do. So people will be paying the same as they were, and not getting a break. And borderline new buyers might not be able to purchase because mortgage interest is a pretty significant amount of the total payment, and where they might have been able afford the loan with a lower mortgage insurance rate. Also as of 2013 these FHA mortgage insurance payments are permanent for the life of the loan. It used to be that when you reached 20% payment of the loan and/or the home appreciated to cover that, that mortgage insurance could be removed.

[joshcryer]

6. Some people might've been locked in to get a rate reduction...

...but won't be. So it did affect some people who now no longer meet the threshold.

It's still a shitty thing to do.

[jonno99]

7. True. Fortunately no one should be effected as it wasn't supposed to begin until the 27th. nt

[joshcryer]

9. Depends on how you want to look at it.

There's definitely an emotional and psychological damage done to that first time home buyer who got the call that they were "in" but all their hopes dashed. Hopefully anyone offering up these mortgages with the new rules were like "hey, they might change the rules before this goes through so don't get your hopes up."

But it probably didn't affect many people in that way, as I said in another post though, death by a thousand cuts. This sort of small "loss" for the little guy will build up and build up as they emotionally tear down the downtrodden and impoverished with moves like this.

[Mr Gerrity]

8. Oh yeah its shitty

I agree its a very crappy thing, especially since I can't figure out the motivation, other than he's the worst of his species. Which I guess, does answer the motivation question.