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Fri Jan 20, 2017, 03:22 PM

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

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‏@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, 5492 views

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Reply 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
cyclonefence Jan 2017 #1
kimbutgar Jan 2017 #3
Azathoth Jan 2017 #23
randr Jan 2017 #2
cyclonefence Jan 2017 #4
Missn-Hitch Jan 2017 #5
yurbud Jan 2017 #20
Yavin4 Jan 2017 #6
Tiggeroshii Jan 2017 #12
Freddie Jan 2017 #7
Angry Dragon Jan 2017 #9
Freddie Jan 2017 #16
Angry Dragon Jan 2017 #17
sarah FAILIN Jan 2017 #11
Freddie Jan 2017 #14
sarah FAILIN Jan 2017 #18
padfun Jan 2017 #21
w100jmi Jan 2017 #25
muriel_volestrangler Jan 2017 #8
Achilleaze Jan 2017 #10
bucolic_frolic Jan 2017 #13
More_Cowbell Jan 2017 #15
renate Jan 2017 #19
machoneman Jan 2017 #27
TexasBushwhacker Jan 2017 #28
myrna minx Jan 2017 #22
tavernier Jan 2017 #24
Nwgirl503 Jan 2017 #26
SunSeeker Jan 2017 #29

Response to Tactical Peek (Original post)

Fri Jan 20, 2017, 03:24 PM

1. The base isn't going to like this n/t

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Response to cyclonefence (Reply #1)

Fri Jan 20, 2017, 03:27 PM

3. The base will never hear this because it will not be reported in their media

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

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Response to cyclonefence (Reply #1)

Fri Jan 20, 2017, 06:11 PM

23. "Obama made him do it."

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

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Response to Tactical Peek (Original post)

Fri Jan 20, 2017, 03:26 PM

2. I'm just hoping a lot of Trumps voters have a FHA mortgage.

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Response to randr (Reply #2)

Fri Jan 20, 2017, 03:28 PM

4. and you know they do

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Response to randr (Reply #2)

Fri Jan 20, 2017, 03:28 PM

5. Hear, hear!

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Response to randr (Reply #2)

Fri Jan 20, 2017, 05:26 PM

20. it's tough to get some people to connect the dots. I had conservative friends who were excited

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.

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Response to Tactical Peek (Original post)

Fri Jan 20, 2017, 03:33 PM

6. How will they be able to blame this on Black people or the undocumented?

They always use race as their angle.

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Response to Yavin4 (Reply #6)

Fri Jan 20, 2017, 04:09 PM

12. Things will get worse because of their policies and they will cite that as the reason for things get

 

etting worse. Not their policies.

I think that is pretty much their go to.

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Response to Tactical Peek (Original post)

Fri Jan 20, 2017, 03:40 PM

7. My daughter has an FHA mortgage

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.

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Response to Freddie (Reply #7)

Fri Jan 20, 2017, 03:49 PM

9. could she not apply for a standard loan to get rid of it??

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Response to Angry Dragon (Reply #9)

Fri Jan 20, 2017, 04:51 PM

16. She wants to

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.

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Response to Freddie (Reply #16)

Fri Jan 20, 2017, 04:53 PM

17. good luck to her

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Response to Freddie (Reply #7)

Fri Jan 20, 2017, 04:04 PM

11. may I be nosy?

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.

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Response to sarah FAILIN (Reply #11)

Fri Jan 20, 2017, 04:43 PM

14. No problem

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.

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Response to Freddie (Reply #14)

Fri Jan 20, 2017, 05:07 PM

18. thanks

Real world numbers puts it in perspective

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Response to Freddie (Reply #7)

Fri Jan 20, 2017, 05:35 PM

21. I had a $180 PMI.

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.

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Response to Freddie (Reply #7)

Fri Jan 20, 2017, 08:21 PM

25. Re: My daughter has an FHA mortgage

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.

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Response to Tactical Peek (Original post)

Fri Jan 20, 2017, 03:44 PM

8. Jan 10th: reversing this "would seem out of character" for Trump - failed analyst

“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".

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Response to Tactical Peek (Original post)

Fri Jan 20, 2017, 04:00 PM

10. KGOP already crapping on The Proles

...as the KGOP cranks up The Purge.

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Response to Tactical Peek (Original post)

Fri Jan 20, 2017, 04:29 PM

13. Everything will be the exact opposite of Making America Great Again

or perhaps I should ask, Great for who?

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

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Response to Tactical Peek (Original post)

Fri Jan 20, 2017, 04:49 PM

15. Trump fans already trying to spin this

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?

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Response to More_Cowbell (Reply #15)

Fri Jan 20, 2017, 05:21 PM

19. 1) love your username 2) excellent point 3) welcome to DU!

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Response to More_Cowbell (Reply #15)

Fri Jan 20, 2017, 09:12 PM

27. Ah, but when housing starts and existing home sales drop....

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!

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Response to More_Cowbell (Reply #15)

Fri Jan 20, 2017, 09:18 PM

28. "Can't afford a house" Code for non-whites

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.

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Response to Tactical Peek (Original post)

Fri Jan 20, 2017, 05:39 PM

22. K&R.

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Response to Tactical Peek (Original post)

Fri Jan 20, 2017, 06:58 PM

24. My grandson works for a mortgage company.

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

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Response to Tactical Peek (Original post)

Fri Jan 20, 2017, 08:29 PM

26. His base ain't so good at mathing skills

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

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Response to Tactical Peek (Original post)

Fri Jan 20, 2017, 09:46 PM

29. It is no coincidence that Trump tapped 6 investment bankers from Goldman Sachs for his cabinet.

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