Right out of the box, P. Pussygrabber makes it harder to own a home

[deminks]

https://thinkprogress.org/trump-immediately-revokes-price-break-for-mortgages-78dc3624ccf6#.8lhic548i

Trump immediately revokes price break for mortgages

As President Donald Trump sat signing paperwork with congressional leaders Friday afternoon, his administration sprang into a strangely specific action: They made it harder for Americans to afford their own homes. And the change specifically will impact lending to the poor.

Just 11 days after the Department of Housing and Urban Development (HUD) had announced a cut in fee rates for mortgages, Trump’s team revoked the price cut. The small but significant reduction in mortgage insurance premiums had been set to go into effect January 27, but is now “suspended indefinitely,” per an administration letter.

Analysts heralded the fee cut, a policy championed by Democrats, as a significant savings—around $500 per year on a typical loan. It would affect millions of homeowners whose loans are insured through the Federal Housing Administration. It also would have helped prospective home buyers with lower credit scores borrow by bringing the federal version of mortgage insurance down to a more competitive price with private offerings.

Reuters reports that Trump’s team did not offer any explanation of its decision in the letter.

[mahatmakanejeeves]

1. Maybe so, but it's good for Mnuchin. NT

[haele]

2. Trump'll tell you people who don't have a good credit score don't deserve to buy a home.

Shows a lack of moral fiber - you know, they're more likely to declare bankruptcy and walk away from their debts because they're spending too much on frivolous status symbols. People like that don't deserve loans at competitive rates...
Not like good, hardworking, rich Republicans...

Did I forget the ?

Haele

[TheFrenchRazor]

11. right, they can just get the russians to pay for their houses, like he did. nt

[MineralMan]

3. And so it begins - The crippling of the working class.

Watch. There's much, much more to come.

[SHRED]

4. They're moving quick

[Yavin4]

5. The poor should just do what Trump does.

Get loans from the Russians.

[woodsprite]

6. They're going to fuck everyone over as quickly as they can

because they're not too sure how long this will last.

[Coventina]

7. I have a HARP loan. Anyone know if those are included?

In the meantime, I'll see if I can find out...

[Yo_Mama]

20. It would only have affected loans closed after January 27th. Won't change anything

for those who already have loans.

[Coventina]

21. OK, thanks!!! There wasn't much information I could find....

[Vinca]

8. Explanation? Every dime counts when you intend to give it back to the 1% in tax breaks.

The deplorables have elected the biggest alligator in the swamp.

[Bengus81]

16. DING DING DING!!!! n/t

[TBA]

9. Well then he has already cost me money

That didn't take long.

[FarCenter]

10. FHA mortgage insurance applies to mortgages with a Loan-to-Value ratio above 80%

Once you pay enough toward the principle (or the value of the home goes up) so that the LTV is < 80% you should get the FHA mortgage insurance removed from the mortgage.

[etherealtruth]

12. Yes, this will disproportionately impact those that wish to buy a home

... or those that have bought a home within the last 5-10 years.

it will likely have the most impact on those in the most tenuous financial positions.

[Bengus81]

17. That's true but it does take time..........

Because all your money at first is going toward the interest not the principle. I had to pay the same type mortage insurance decades ago but with a much higher interest rate than now but it took years and years to hit that 80% threshold to where we could drop it.

Damnit TRUMP,why the FUCK did you need to do this?? So Limbaugh and Bill O'Really can have a bigger tax cut on the $40M they make per year. As mentioned by others,this kind of SHIT sure didn't take long.

[FarCenter]

22. The insurance premiums go to the FHA insurance fund, not to the general revenues

The FHA fund compensates lenders for any part of their principle that cannot be recovered by foreclosing the property of defaulted borrowers.

Apparently, the Obama administration thinks the fund is flush enough to enable a cut in the insurance premiums, but the Trump administration wants to look at it before letting the cut proceed . Ben Carson would be the one to do this.

[Bill USA]

13. NOTE to BS millenials... thanks so much for not voting for the "Corporate WHore", Hillary Clinton...

Now you are learning something --- THE HARD WAY ---- hard, that is, for millions more than just your number.

[Mariana]

18. Trump got the majority of the old people's votes

and even with that, enough of the young people came out to give Hillary a 3 million vote majority. And here you are blaming millennials for his win. WTF is wrong with you?

[Skittles]

14. Trump voters

WHAT THE FUCK WERE YOU THINKING

[Dark n Stormy Knight]

15. No explanation needed. Everything he does will be so that some wealthy fucks can profit.

Oh, and so everyone not in the RW suffers.

[hells]

19. But her emails