Jacked: Trump Hikes Mortgages With First Move

[Lakhota]

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

Hundreds of thousands of would-be homeowners will be hit with higher costs.

WASHINGTON ― With what may have been his first presidential order, 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.

More: Jacked: Trump Hikes Mortgages With First Move

$500 a year? This is only the beginning.

 

[Manonthestreet]

No their fees will remain the same......Read

 

[Lakhota]

No their fees will remain the same......Read

Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...

 

[EvilCat Breath]

There has been no hike.

 

[Manonthestreet]

No their fees will remain the same......Read

Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...

Not spin....They never went down ergo there is no added cost

 

[AntonToo]

No their fees will remain the same......Read

LOL what part of insurance fees go up by $500 a year did you mis-read?

 

[Lakhota]

There has been no hike.

President Obama's rate cut was cancelled by Trump. Therefore - it's a rate hike.

 

[Manonthestreet]

There has been no hike.

President Obama's rate cut was cancelled by Trump. Therefore - it's a rate hike.

That's the spin since the number stayed the same

 

[AntonToo]

No their fees will remain the same......Read

Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...

Not spin....They never went down ergo there is no added cost

Dumb ass you are totally spinning, the cost will be $500 more than than it would be without this reversal by HUD

 

[HenryBHough]

Home ownership needs to be tamped down. It's a major factor in the massive unemployment in liberal-dominated cities and states. In those places businesses fail and close; employees are laid off. Logically they would simply migrate to other places where there are jobs in sore need of good workers. But they're stuck in a house they bought with various government programs and subsidies. Don't feel they can afford to move. So they stay and collect unemployment, then welfare and food stamps.

Kept on The Democrat Party Plantation forever. They could have avoided all that by not owning, just renting.

 

[Auld Phart]

No their fees will remain the same......Read

Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...

Duh, I did read. Obama's cut will not go into effect

Which means the fees remain the same.

Comprehension problems?

 

[RodISHI]

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

Hundreds of thousands of would-be homeowners will be hit with higher costs.

WASHINGTON ― With what may have been his first presidential order, 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.

More: Jacked: Trump Hikes Mortgages With First Move

$500 a year? This is only the beginning.

The feds need to get out of the insuring loans business period. People used to hold those mortgages on homes that they owned and sold. Back when we did that the government did not insure us and the banks were not so out of control with other peoples money.

 

[TheDude]

I know you're desperate for a cause OP, but you're clueless when it comes to finances, never mind you're cause and effect challenged.

Trump essentially did nothing more than put the brakes on something never enacted. It was a financial decision, though I realize you think money grows on trees. Fact is, the US housing market has hid under low interest rates as the former regime didn't have the balls to address the problem. If they had a spine they'd have slowly increased interest rates, but no, they increased the rate at the end of Obama's tenure, because your party of preference is made up of the cowardly, plain and simple.

All they did is create a false housing market that MUST be addressed. The Obama admin. managed to create a situation for another housing crash. That's what happens when the price of homes are FORCED into unrealistic values and for so long.

 

[Manonthestreet]

No their fees will remain the same......Read

Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...

Not spin....They never went down ergo there is no added cost

Dumb ass you are totally spinning, the cost will be $500 more than than it would be without this reversal by HUD

Article said would drop.....Not did drop.....Nothing changed.....We need a law limiting what outgoing Presidents can do to avoid crap like this.....Millenials bigger prob is lack of jobs and an indentured servitude higher education system

 

[Lakhota]

Adolf Trump cancelled the rate reduction that President Obama had in place that was scheduled to go into effect on January 27.

 

[Auld Phart]

Adolf Trump cancelled the rate reduction that President Obama had in place that was scheduled to go into effect on January 27.

Yes

which means the rates remain the same.

 

[RodISHI]

No their fees will remain the same......Read

Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...

Not spin....They never went down ergo there is no added cost

Dumb ass you are totally spinning, the cost will be $500 more than than it would be without this reversal by HUD

Article said would drop.....Not did drop.....Nothing changed.....We need a law limiting what outgoing Presidents can do to avoid crap like this.....Millenials bigger prob is lack of jobs and an indentured servitude higher education system

In all of that is the growth in local taxes and government as these colleges demand more and more money to pay themselves and their retirement funds while lowering the standards of education overall.

 

[AntonToo]

No their fees will remain the same......Read

Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...

Not spin....They never went down ergo there is no added cost

Dumb ass you are totally spinning, the cost will be $500 more than than it would be without this reversal by HUD

Article said would drop.....Not did drop.....Nothing changed.....We need a law limiting what outgoing Presidents can do to avoid crap like this.....Millenials bigger prob is lack of jobs and an indentured servitude higher education system

In absence of the offset HUD was planning, increasing interest rates will cost new homeowners that need such coverage an average of $500/year. Now that this offset was removed by Trump's administration people will pay more in interest, which will cost them...wait for it....$500/year.

 

[TheDude]

No their fees will remain the same......Read

Duh, I did read. Obama's cut will not go into effect. Spin, baby, spin...

Not spin....They never went down ergo there is no added cost

Dumb ass you are totally spinning, the cost will be $500 more than than it would be without this reversal by HUD

Article said would drop.....Not did drop.....Nothing changed.....We need a law limiting what outgoing Presidents can do to avoid crap like this.....Millenials bigger prob is lack of jobs and an indentured servitude higher education system

In all of that is the growth in local taxes and government as these colleges demand more and more money to pay themselves and their retirement funds while lowering the standards of education overall.

BINGO

 

[toomuchtime_]

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

Hundreds of thousands of would-be homeowners will be hit with higher costs.

WASHINGTON ― With what may have been his first presidential order, 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.

More: Jacked: Trump Hikes Mortgages With First Move

$500 a year? This is only the beginning.

Right, Obama had no policies, just bandaides, but Trump will rip off these bandaides and fix the markets. When the cost of buying a home goes up, prices tend to go down and when the cost of buying goes down, prices tend to go up. The kind of artificial patches Obama tried to apply to the economy only inhibited market forces and gave us anemic growth. What was good enough for Obama voters has been rejected by Trump voters. Obama and his supporters boast that America survived his eight years in office, but Trump and his supporters are demanding all Americans proper.