Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Tactical Peek

(1,204 posts)
Fri Jan 20, 2017, 03:22 PM Jan 2017

In one of first Trump admin. orders, Dept of Housing & Urban Dev. suspends reduction of FHA annual m

Last edited Fri Jan 20, 2017, 04:06 PM - Edit history (1)

Source: CNBC

CNBC Verified account
?@CNBC

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


UPDATE - added another link

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



Read more: https://twitter.com/CNBC/status/822510744998658050

29 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
In one of first Trump admin. orders, Dept of Housing & Urban Dev. suspends reduction of FHA annual m (Original Post) Tactical Peek Jan 2017 OP
The base isn't going to like this n/t cyclonefence Jan 2017 #1
The base will never hear this because it will not be reported in their media kimbutgar Jan 2017 #3
"Obama made him do it." Azathoth Jan 2017 #23
I'm just hoping a lot of Trumps voters have a FHA mortgage. randr Jan 2017 #2
and you know they do cyclonefence Jan 2017 #4
Hear, hear! Missn-Hitch Jan 2017 #5
it's tough to get some people to connect the dots. I had conservative friends who were excited yurbud Jan 2017 #20
How will they be able to blame this on Black people or the undocumented? Yavin4 Jan 2017 #6
Things will get worse because of their policies and they will cite that as the reason for things get Tiggeroshii Jan 2017 #12
My daughter has an FHA mortgage Freddie Jan 2017 #7
could she not apply for a standard loan to get rid of it?? Angry Dragon Jan 2017 #9
She wants to Freddie Jan 2017 #16
good luck to her Angry Dragon Jan 2017 #17
may I be nosy? sarah FAILIN Jan 2017 #11
No problem Freddie Jan 2017 #14
thanks sarah FAILIN Jan 2017 #18
I had a $180 PMI. padfun Jan 2017 #21
Re: My daughter has an FHA mortgage w100jmi Jan 2017 #25
Jan 10th: reversing this "would seem out of character" for Trump - failed analyst muriel_volestrangler Jan 2017 #8
KGOP already crapping on The Proles Achilleaze Jan 2017 #10
Everything will be the exact opposite of Making America Great Again bucolic_frolic Jan 2017 #13
Trump fans already trying to spin this More_Cowbell Jan 2017 #15
1) love your username 2) excellent point 3) welcome to DU! renate Jan 2017 #19
Ah, but when housing starts and existing home sales drop.... machoneman Jan 2017 #27
"Can't afford a house" Code for non-whites TexasBushwhacker Jan 2017 #28
K&R. myrna minx Jan 2017 #22
My grandson works for a mortgage company. tavernier Jan 2017 #24
His base ain't so good at mathing skills Nwgirl503 Jan 2017 #26
It is no coincidence that Trump tapped 6 investment bankers from Goldman Sachs for his cabinet. SunSeeker Jan 2017 #29

kimbutgar

(20,871 posts)
3. The base will never hear this because it will not be reported in their media
Fri Jan 20, 2017, 03:27 PM
Jan 2017

Plus it is too complicated for them to understand because what will happen to them can't be explained in 140 character tweet.

Azathoth

(4,603 posts)
23. "Obama made him do it."
Fri Jan 20, 2017, 06:11 PM
Jan 2017

Get used to that little chestnut, we're gonna hear it a lot the next four years.

yurbud

(39,405 posts)
20. it's tough to get some people to connect the dots. I had conservative friends who were excited
Fri Jan 20, 2017, 05:26 PM
Jan 2017

about a $200 state tax cut they got once, but didn't connect it to the school year for their kids being shortened a couple of weeks. When I asked if they would spend more than that tax cut on daycare for the weeks they wouldn't be in school, they didn't think it was connected at all.

Yavin4

(35,354 posts)
6. How will they be able to blame this on Black people or the undocumented?
Fri Jan 20, 2017, 03:33 PM
Jan 2017

They always use race as their angle.

 

Tiggeroshii

(11,088 posts)
12. Things will get worse because of their policies and they will cite that as the reason for things get
Fri Jan 20, 2017, 04:09 PM
Jan 2017

etting worse. Not their policies.

I think that is pretty much their go to.

Freddie

(9,231 posts)
7. My daughter has an FHA mortgage
Fri Jan 20, 2017, 03:40 PM
Jan 2017

Wonder if this is for new mortgages or all of them. The PMI is ridiculous (over $100 /month) and unlike a regular mortgage you can't get rid of it no matter how much equity you have in the house.

Freddie

(9,231 posts)
16. She wants to
Fri Jan 20, 2017, 04:51 PM
Jan 2017

they keep talking about getting a bigger house (it was fine with one kid, not with 2 kids and a Lab) so they might do that instead and hope they can get a conventional mortgage then.

sarah FAILIN

(2,857 posts)
11. may I be nosy?
Fri Jan 20, 2017, 04:04 PM
Jan 2017

And ask how much she borrowed and how much her payment is in the ballpark of? At work were trying to figure out how this will affect people.

Freddie

(9,231 posts)
14. No problem
Fri Jan 20, 2017, 04:43 PM
Jan 2017

She borrowed $180000. Principal and interest around $900 but with RE tax, homeowners insurance and PMI her payment is about $1375. I think about $120 of that is PMI.

padfun

(1,780 posts)
21. I had a $180 PMI.
Fri Jan 20, 2017, 05:35 PM
Jan 2017

You get rid of them by refinancing (If you have enough equity). Unfortunately the interest rates are going up right now so they better be quick about it.

I refi'ed mine this last April but homes in my region were going up fast, and I got a 3.75 rate to boot.

w100jmi

(97 posts)
25. Re: My daughter has an FHA mortgage
Fri Jan 20, 2017, 08:21 PM
Jan 2017

it appears for new loans being dispersed on or after Jan 27 will be affected...

https://portal.hud.gov/hudportal/documents/huddoc?id=17-07ml.pdf

I swear, i don't think i was this pissed about trump presidency as i was with Bush.

muriel_volestrangler

(101,144 posts)
8. Jan 10th: reversing this "would seem out of character" for Trump - failed analyst
Fri Jan 20, 2017, 03:44 PM
Jan 2017
“The Trump administration would be accused on day one of raising mortgage costs for average Americans if it reverses the FHA move,” analyst Jaret Seiberg, managing director at Cowen Group Inc., wrote in a note to clients. “Trump's career has been real estate. It would seem out of character for him to be aggressively negative on real estate in his first week in office.”

http://www.politico.com/story/2017/01/federal-housing-administration-mortgage-fees-donald-trump-233405

You analyse real estate, and you haven't yet worked out that the only feature of Trump's character is "what's in it for me"? Trump will be aggressively negative on anything if it suits him, eg to say "the FHA is failing - let's privatise it".

bucolic_frolic

(42,651 posts)
13. Everything will be the exact opposite of Making America Great Again
Fri Jan 20, 2017, 04:29 PM
Jan 2017

or perhaps I should ask, Great for who?

It's going to feed capital, and the wealthy, at the expense of the workers

More_Cowbell

(2,190 posts)
15. Trump fans already trying to spin this
Fri Jan 20, 2017, 04:49 PM
Jan 2017

by saying that it's helping everyone by keeping people who "can't afford a house" out of the market.

Those same people seem to have no problem with Trump and his companies declaring bankruptcy over and over again. Obviously, Trump could "not afford" to pay his bills and run his businesses. How about we stop letting HIM borrow money?

machoneman

(3,951 posts)
27. Ah, but when housing starts and existing home sales drop....
Fri Jan 20, 2017, 09:12 PM
Jan 2017

Trump will blame Obama!

Actually when this and a few other niceties he's talked about come true, these actions will trigger a recession, a recession that is due anyway after 8 years of solid economic growth. Those actions coupled with the threat of, not even the implementation of, tariffs will quicken the fall of the stock market and all the related economic activity said drop will affect.

Now some will say who cares about a market drop?. That would be short-sighted as a Dow-Jones debacle is a SIGN or leading indicator of a rapidly declining economy, one Trump and his ship-of-fools keep saying was already here before he took over. NOT!

TexasBushwhacker

(20,043 posts)
28. "Can't afford a house" Code for non-whites
Fri Jan 20, 2017, 09:18 PM
Jan 2017

It's all peachy until someone wants to sell, then they're stuck because intetest rates have gone up and PMI hasn't come down.

tavernier

(12,322 posts)
24. My grandson works for a mortgage company.
Fri Jan 20, 2017, 06:58 PM
Jan 2017

He said it was absolutely insane today. So yup, the word is out.

Nwgirl503

(406 posts)
26. His base ain't so good at mathing skills
Fri Jan 20, 2017, 08:29 PM
Jan 2017

And if they do notice it, Faux news will blame it on Obama. Rinse and repeat.

Latest Discussions»Latest Breaking News»In one of first Trump adm...