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How Donald Trump Just Raised Many Mortgage Bills
…Trump, who claimed a populist mantle in his first speech as a president, signed the executive order reversing an Obama-era policy less than an hour after leaving the inaugural stage.
The order will have the immediate effect of increasing the amount that most non-wealthy homeowners must contribute to the Federal Housing Authority’s insurance program. Beginning Jan. 27, most borrowers will now have to pony up six-tenths of a percent of their mortgage each month, up a quarter of a percentage point from last year. Americans with $200,000 mortgages will pay roughly $500 more in 2017 than they did in 2016, according to the FHA.
…Trump’s decision …will have very little affect on wealthier mortgage holders …
Trump Reverses Obama's Mortgage Fee Cuts on First Day
…Shares of private mortgage insurance companies, including MGIC Investment Corp. and Radian Group Inc., erased earlier losses, trading up about one percent as of mid-afternoon. They closed little changed from the day before. Private insurers, which back loans guaranteed by mortgage-finance companies Fannie Mae and Freddie Mac, compete with the FHA for market share and have been critics of fee cuts in the past.
…“This action is completely out of alignment with President Trump’s words about having the government work for the people,” said John Taylor, president of the National Community Reinvestment Coalition, through a spokesman. “Exactly how does raising the cost of buying a home help average people?”
Trump Spokesman Accuses Media of False Inaugural Reporting
* Spicer insists that inauguration crowds larger than reported
* Photographs show far fewer people on Mall than Spicer claimed
Prior to January 2008 : 0.50% annual MIP
October 2008 : 0.55% annual MIP
April 2010 : 0.55% annual MIP
October 2010 : 0.90% annual MIP
April 2011 : 1.15% annual MIP
April 2012 : 1.25% annual MIP
April 2013 : 1.35% annual MIP
January 2015 : 0.85% annual MIP
originally posted by: mOjOm
a reply to: Tardacus
I'm pretty sure shifting the money from one thing to another wasn't the idea. Plus at least the money going to healthcare meant getting something for your money. All this is doing is making you pay more for something you already have while losing your healthcare which you must now also pay for so you're losing money.
originally posted by: MALBOSIA
a reply to: soficrow
YOUR TELLING ME.... Trump is asking home loaners to put in less than $50/mnth per $200k to help make sure there isn't another trillion dollar bailout needed to cover unpaid mortgages taken by people that couldn't afford them?!?!??
Oh the horror!!! Impeach him!! Impeach him right now!!!