One Of President Trump’s First Acts Will Cost Homeowners Millions Of Dollars

B

Bill

Malarkeyville
WASHINGTON ― With one of his first orders, President Donald Trump made it more expensive for working- and middle-class Americans to buy their first homes. The move will increase costs for 750,000 to 850,000 Americans in the next year alone, according to the National Association of Realtors.

The Obama administration had said last week that the Federal Housing Administration would drop the cost of mortgage insurance it sells by almost a third to 0.60 percent. But after Trump took office, the Department of Housing and Urban Development, which oversees the FHA, told lenders the fee cut was off. The reversal of the reduction will mean that homebuyers who borrow $200,000 under the program will see their mortgage insurance fees go up by $500 a year relative to what the Obama administration had ordered, according to figures released by the FHA when the cut was announced.

The reduction was intended to help partially offset the cost of rising mortgage rates and was scheduled to go into effect on Jan. 27. The government sells the insurance in case borrowers default.

The mortgage industry’s main lobby group said when the cut was announced that it looked forward to working with the new administration on the issue. Congressional Republicans attacked the move, saying it would cut into the reserves the FHA held against defaults.

Julian Castro, Obama’s HUD secretary, said when the fee cut was announced that the FHA’s reserve fund had grown by $44 billion in the last four years and that it was time to share these gains with borrowers. Ben Carson, Trump’s nominee to run HUD, said in his confirmation hearing that he supported undoing the fee cut, and lending trade publications reported that a reversal was likely.

“We’re disappointed in the decision but will continue making the case to reinstate the cut in the months ahead,” Bill Brown, the president of the National Association of Realtors, said in a statement to The Huffington Post.

A spokesman for the National Association of Home Builders told HuffPost that it opposes canceling the reduction and it “will work with the Trump team” on the issue. “We feel confident that they will reinstate the reduction,” the spokesman said.


http://www.huffingtonpost.com/entry..._5882765ee4b0e3a73568f0a4?section=us_politics
 
So BO was going to make a cut but never did saw while he could. Somehow this becomes an increase despite there being no change.
Bill you might as well quote the Onion. PuffHo is battling CNN for fakest news.
 
Celticguy said:
So BO was going to make a cut but never did saw while he could. Somehow this becomes an increase despite there being no change.
Bill you might as well quote the Onion. PuffHo is battling CNN for fakest news.
Click to expand...

Maybe a bigger font will start his brain functioning, Celtic .....

Somehow this becomes an increase despite there being no change......exactly!
 
Celticguy said:
So BO was going to make a cut but never did saw while he could. Somehow this becomes an increase despite there being no change.
Bill you might as well quote the Onion. PuffHo is battling CNN for fakest news.
Click to expand...

At issue: Home buyers will pay more under Slump than they would have under Obama.

Now go back to your deflecting and word games.
 
NOVA said:
Maybe a bigger mouth will start my brain functioning, Celtic .....

Somehow this becomes an increase despite there being no change......exactly!
Click to expand...

Homeowners will pay more because of Slump.

Suck on it.
 
Bill said:
The Obama administration had said last week that the Federal Housing Administration would drop the cost of mortgage insurance it sells by almost a third to 0.60 percent.
Click to expand...
interesting that the oBomb decided to lob this grenade into the mix in his final week......he didn't do it in August because he knew he couldn't pay for it.....so he added it to the orders he knew Trump would reverse, so idiots like Bill could post threads like this......sweet liberal whine.......
 
Bill said:
WASHINGTON ― With one of his first orders, President Donald Trump made it more expensive for working- and middle-class Americans to buy their first homes. The move will increase costs for 750,000 to 850,000 Americans in the next year alone, according to the National Association of Realtors.

The Obama administration had said last week that the Federal Housing Administration would drop the cost of mortgage insurance it sells by almost a third to 0.60 percent. But after Trump took office, the Department of Housing and Urban Development, which oversees the FHA, told lenders the fee cut was off. The reversal of the reduction will mean that homebuyers who borrow $200,000 under the program will see their mortgage insurance fees go up by $500 a year relative to what the Obama administration had ordered, according to figures released by the FHA when the cut was announced.

The reduction was intended to help partially offset the cost of rising mortgage rates and was scheduled to go into effect on Jan. 27. The government sells the insurance in case borrowers default.

The mortgage industry’s main lobby group said when the cut was announced that it looked forward to working with the new administration on the issue. Congressional Republicans attacked the move, saying it would cut into the reserves the FHA held against defaults.

Julian Castro, Obama’s HUD secretary, said when the fee cut was announced that the FHA’s reserve fund had grown by $44 billion in the last four years and that it was time to share these gains with borrowers. Ben Carson, Trump’s nominee to run HUD, said in his confirmation hearing that he supported undoing the fee cut, and lending trade publications reported that a reversal was likely.

“We’re disappointed in the decision but will continue making the case to reinstate the cut in the months ahead,” Bill Brown, the president of the National Association of Realtors, said in a statement to The Huffington Post.

A spokesman for the National Association of Home Builders told HuffPost that it opposes canceling the reduction and it “will work with the Trump team” on the issue. “We feel confident that they will reinstate the reduction,” the spokesman said.


http://www.huffingtonpost.com/entry..._5882765ee4b0e3a73568f0a4?section=us_politics
Click to expand...

If one qualifies for a 200k home, 500 dollars is peanuts.
 
Mortgage ins. is only needed if you owe more than 80% of the purchase price. Once past that magic number it's not needed. Also thanks for the CNN.money.com link. It states that this only applies to gubmint backed home loans. Wish I could've had one of those in my lifetime
*handjob*
Next.

PS. I made the mistake of using PoHuff as a reference once.
 
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President Trump will have his own arsenal of bow shots to be used throughout his presidency. No difference in method, but a huge difference in manner, message, and meaning

They will not be the softballs we see now.
 
Bill said:
WASHINGTON ― With one of his first orders, President Donald Trump made it more expensive for working- and middle-class Americans to buy their first homes. The move will increase costs for 750,000 to 850,000 Americans in the next year alone, according to the National Association of Realtors.

The Obama administration had said last week that the Federal Housing Administration would drop the cost of mortgage insurance it sells by almost a third to 0.60 percent. But after Trump took office, the Department of Housing and Urban Development, which oversees the FHA, told lenders the fee cut was off. The reversal of the reduction will mean that homebuyers who borrow $200,000 under the program will see their mortgage insurance fees go up by $500 a year relative to what the Obama administration had ordered, according to figures released by the FHA when the cut was announced.

The reduction was intended to help partially offset the cost of rising mortgage rates and was scheduled to go into effect on Jan. 27. The government sells the insurance in case borrowers default.

The mortgage industry’s main lobby group said when the cut was announced that it looked forward to working with the new administration on the issue. Congressional Republicans attacked the move, saying it would cut into the reserves the FHA held against defaults.

Julian Castro, Obama’s HUD secretary, said when the fee cut was announced that the FHA’s reserve fund had grown by $44 billion in the last four years and that it was time to share these gains with borrowers. Ben Carson, Trump’s nominee to run HUD, said in his confirmation hearing that he supported undoing the fee cut, and lending trade publications reported that a reversal was likely.

“We’re disappointed in the decision but will continue making the case to reinstate the cut in the months ahead,” Bill Brown, the president of the National Association of Realtors, said in a statement to The Huffington Post.

A spokesman for the National Association of Home Builders told HuffPost that it opposes canceling the reduction and it “will work with the Trump team” on the issue. “We feel confident that they will reinstate the reduction,” the spokesman said.


http://www.huffingtonpost.com/entry...882765ee4b0e3a73568f0a4?section=us_p olitics
Click to expand...

If you can't afford to purchase and insure....don't purchase, no one is forcing anyone to buy anything in a free market economy. That was the number one reason that caused the government manipulated housing market bubble to burst last time. The government making it easy for those who can't afford the purchase of a new home to purchase it on credit....that the banks and big brother both new was under qualified but the banks were forced to lend the money to minority buyers under a lame threat of Big Brother to sue the banks that refused mortgages to unqualified minorities....what idiocy, Affirmative Action Banking. Now big brother is threatening insurance carries to sell at reduced rates? Really?

FYI: New home ownership has decreased 4% under Barry Soetoro's mismanagement skills.

Reality? When someone purchases a new home the majority of new home mortgages are placed into an "escrow" where the insurance payments and property taxes are paid via the mortgage lender and charged to the mortgage holder in 12 equal payments added atop the mortgage payment....usually adding but a few dollars to the total payment. Then at the end of the year....if you have overpaid you receive an over payment refund...if you are under a few dollars the escrow is recalculated to fit the budget.

 
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PostmodernProphet said:
interesting that the oBomb decided to lob this grenade into the mix in his final week......he didn't do it in August because he knew he couldn't pay for it.....so he added it to the orders he knew Trump would reverse, so idiots like Bill could post threads like this......sweet liberal whine.......
Click to expand...

Spin baby spin.:rofl2:
 
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