Trump’s first executive action: Cancel Obama’s mortgage premium cuts

Just so we don’t forget the President Trump’s first executive action was one that impacted the public’s ability to purchase homes.  So much for being a populist.

The following article by Gregory Korte was posted on the USA Today website January 20, 2017 (updated January 23, 2017):

Photo: Susan Walsh/AP

The very first executive action by the new Trump administration wasn’t a sweeping order on immigration, trade or health care — but rather to block an Obama administration policy change that would have reduced the cost of mortgages for millions of home buyers.

In the first hour of Trump’s presidency, the U.S. Department of Housing and Urban Development sent a letter to lenders, real estate brokers and closing agents suspending the 0.25 percentage point premium rate cut for Federal Housing Administration-backed loans.

That cut would have saved home buyers about $29 a month on a $200,000 mortgage. Continue reading “Trump’s first executive action: Cancel Obama’s mortgage premium cuts”