HUD suspends FHA mortgage insurance rate cut an hour after Trump takes office

[Jimbo101]

http://www.latimes.com/business/la-fi-trump-fha-cut-20170120-story.html

An hour after Donald Trump assumed the presidency Friday, his administration indefinitely suspended a pending rate cut for mortgage insurance required for FHA-backed mortgages, which are popular with first-time home buyers and those with poor credit.

The move by the Department of Housing and Urban Development — one of the first acts of Trump’s administration — reversed a policy announced in the waning days of the Obama presidency that would have trimmed insurance premiums for typical borrowers by hundreds of dollars a year.

[madaboutharry]

1. Punish the poor and working class.

It's the republican way. If you don't have money, it's your fault.

I still can't believe he got any of their votes.

[MichMan]

2. Why couldn't this rate have been cut several years ago?

That way it would have been Trump actually raising rates instead of a cut that hadn't even taken effect yet. People would have been saving money for all that time also

[pbmus]

3. So this directly affects the first time homeowner and mainly those trying to get ahead

But the Trumpster does the opposite of helping, he and his buffoons raise the cost of home ownership....
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