Jacked: Trump Hikes Mortgages With First Move

[JQPublic1]

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

Yep. Obummer had 8 years and never implemented any reduction.

Mortgage rates were historically low for virtually the entire tenure of Obama administration.
There was no need to lower PMI to keep the total cost of a combined PMI and mortgage payment manageable for the average family.

When mortgage rates started to climb, Obama's team sought to offset that increase by lowering the PMI. That move would have taken place on Jan 27, and would have kept home ownership affordable for those entering the market for the first time. Trump, with the stroke of a pen, cancelled that initiative and locked out thousands of new aspiring home owners who may have to wait much longer to afford a home.

If 500 bucks is enough to influence that big a decision, they are living too close to the edge to begin with. Maybe they should save a 20% down payment and then PMI wouldn't be an issue at all.

$500 dollars is half a mortgage payment on some starter homes. Saving that much each month would make it easier to maintain such a home , furnish it, and keep food on the table.

Hey dumb ass pay attention, their talking about 500 bucks a year, less than 42 dollars a month.

BTW.. dimwit it is "They're" not "their."

 

[Doc1]

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

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

LOL, what part of cancelling a cut means anything went up? It means that their rates will stay where they are, not go up. Apparently comprehension is not your strong suit.

 

[OKTexas]

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

Yep. Obummer had 8 years and never implemented any reduction.

Mortgage rates were historically low for virtually the entire tenure of Obama administration.
There was no need to lower PMI to keep the total cost of a combined PMI and mortgage payment manageable for the average family.

When mortgage rates started to climb, Obama's team sought to offset that increase by lowering the PMI. That move would have taken place on Jan 27, and would have kept home ownership affordable for those entering the market for the first time. Trump, with the stroke of a pen, cancelled that initiative and locked out thousands of new aspiring home owners who may have to wait much longer to afford a home.

If 500 bucks is enough to influence that big a decision, they are living too close to the edge to begin with. Maybe they should save a 20% down payment and then PMI wouldn't be an issue at all.

Yes, PMI would not be necessary for those having a 20% down payment in hand. But FHA insurance is government backed. Obama's plan was to cut FHA interest rates not PMI.
Sorry about that... my error. Here is the lowdown on FHA insured loans.

Not what the OP said, it was talking about PMI.

 

[OKTexas]

Yep. Obummer had 8 years and never implemented any reduction.

Mortgage rates were historically low for virtually the entire tenure of Obama administration.
There was no need to lower PMI to keep the total cost of a combined PMI and mortgage payment manageable for the average family.

When mortgage rates started to climb, Obama's team sought to offset that increase by lowering the PMI. That move would have taken place on Jan 27, and would have kept home ownership affordable for those entering the market for the first time. Trump, with the stroke of a pen, cancelled that initiative and locked out thousands of new aspiring home owners who may have to wait much longer to afford a home.

If 500 bucks is enough to influence that big a decision, they are living too close to the edge to begin with. Maybe they should save a 20% down payment and then PMI wouldn't be an issue at all.

$500 dollars is half a mortgage payment on some starter homes. Saving that much each month would make it easier to maintain such a home , furnish it, and keep food on the table.

Hey dumb ass pay attention, their talking about 500 bucks a year, less than 42 dollars a month.

BTW.. dimwit it is "They're" not "their."

Poor baby, reduced to playing spelling police. LMAO

 

[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.

More money out of pocket for the middle class. How is that good?

You need to take a course in economics. Sellers will ask the best price the market can support. That means when cost of buying goes down, house prices go up and when the cost of buying goes up, the prices of houses goes down. In other words, sellers, not buyers, would benefit from Obama's misguide policies and now sellers will have to slightly lower prices to accommodate the market.

The market is fixed. Sellers ask for prices to generate a new high's in the market even through close to none meeting appraisal. This is a major flipper problem. This is happening in Vegas....right now.

The market is not "fixed". Prices fluctuate according to supply and demand. If we add $500 on to the cost of buying a house, that's $500 less the buyer will have to pay for the house so sellers who want to sell will have to lower their prices in order sell. By reducing the cost of buying a house,all Obama did was to allow sellers to charge more. The middle class comes out the same either way. This is just another instace of Obama choosing to make a popular political gesture that has no impact instead on choosing sound economic policy.

 

[ding]

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 cuts never went into effect.

 

[EvilCat Breath]

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

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

Nothing will go up. They were expecting a cut and did not get it. The fees remain the same.

 

[EvilCat Breath]

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.

Repeating your fake news talking point doesn't make it true.

If you were promised a $500 raise on January 27...and your new boss canceled it - what would you call it?

Not getting a raise.

 

[hadit]

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

Godwin's! Automatic fail.

 

[hadit]

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.

Obviously from the same people who scream bloody murder about draconian budget cuts when projected increases are set at 8% instead of 10%.

 

[hadit]

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.

Repeating your fake news talking point doesn't make it true.

If you were promised a $500 raise on January 27...and your new boss canceled it - what would you call it?

A fact of life.
A broken promise.
A reason to find another job.

Certainly NOT a pay cut.

 

[Ridgerunner]

Thanks to Republicans and greedy business folks, most peoples 'means' are poverty level.

Send me your email sis and I will pay pal you some cash to keep your interweb paid up...

old OnePercenter is starting to melt...

 

[initforme]

As a nation we want less home ownership. We want less people renting. The whole nation wins then. Less debt. Hopefully the number of mortgage rates goes way down. Low wages as are have now....demand more young adults stay home until in their fifties....when then can maybe afford a mortgage. Until then I condone note young people living at home until they ate in their late tnhirtires or early forties. America wins

 

[AntonToo]

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.

Repeating your fake news talking point doesn't make it true.

If you were promised a $500 raise on January 27...and your new boss canceled it - what would you call it?

Not getting a raise.

Life is tough for Trumpsters, things are too complicated to make good sense of.

I would call it Trump's administration's (new boss) decision costing me $500.

 

[Derelict_Drvr]

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.

Repeating your fake news talking point doesn't make it true.

If you were promised a $500 raise on January 27...and your new boss canceled it - what would you call it?

Not getting a raise.

Life is tough for Trumpsters, things are too complicated to make good sense of.

I would call it Trump's administration's (new boss) decision costing me $500.

Oh boo hoo... Skip a few double mocha lattes at Starbucks per month, you'll be fine.

 

[initforme]

We do not want more home owners. Fact. Less home ownetrs is actually a good sign. Nobody going into debt. As a nation we should shut mortgages down for all. Less debt. Less fotecloseures.

 

[jon_berzerk]

funny thread

fact

under obama home ownership fell to a five decade low

WOW

The U.S. homeownership rate fell to the lowest in more than 50 years as rising prices put buying out of reach for many renters.

The share of Americans who own their homes was 62.9 percent in the second quarter, the lowest since 1965, according to a Census Bureau report Thursday. It was the second straight quarterly decrease, down from 63.5 percent in the previous three months.


Homeownership Rate in the U.S. Drops to Lowest Since 1965

No wonder after the housing bubble of the Great Bush Recession.

after 8 years use your head for once puddin head

 

[RodISHI]

As a nation we want less home ownership. We want less people renting. The whole nation wins then. Less debt. Hopefully the number of mortgage rates goes way down. Low wages as are have now....demand more young adults stay home until in their fifties....when then can maybe afford a mortgage. Until then I condone note young people living at home until they ate in their late tnhirtires or early forties. America wins

If'n you have less home owners and less renters where do you suppose people should live? Tents won't exactly work these days as snowflakes don't think people should be able to camp on state owned land.

 

[OnePercenter]

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.

More money out of pocket for the middle class. How is that good?

You need to take a course in economics. Sellers will ask the best price the market can support. That means when cost of buying goes down, house prices go up and when the cost of buying goes up, the prices of houses goes down. In other words, sellers, not buyers, would benefit from Obama's misguide policies and now sellers will have to slightly lower prices to accommodate the market.

The market is fixed. Sellers ask for prices to generate a new high's in the market even through close to none meeting appraisal. This is a major flipper problem. This is happening in Vegas....right now.

The market is not "fixed". Prices fluctuate according to supply and demand. If we add $500 on to the cost of buying a house, that's $500 less the buyer will have to pay for the house so sellers who want to sell will have to lower their prices in order sell. By reducing the cost of buying a house,all Obama did was to allow sellers to charge more. The middle class comes out the same either way. This is just another instace of Obama choosing to make a popular political gesture that has no impact instead on choosing sound economic policy.

So you believe that this is an opening for house sellers to pack deals?

 

[JQPublic1]

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

Yep. Obummer had 8 years and never implemented any reduction.

Mortgage rates were historically low for virtually the entire tenure of Obama administration.
There was no need to lower PMI to keep the total cost of a combined PMI and mortgage payment manageable for the average family.

When mortgage rates started to climb, Obama's team sought to offset that increase by lowering the PMI. That move would have taken place on Jan 27, and would have kept home ownership affordable for those entering the market for the first time. Trump, with the stroke of a pen, cancelled that initiative and locked out thousands of new aspiring home owners who may have to wait much longer to afford a home.

If 500 bucks is enough to influence that big a decision, they are living too close to the edge to begin with. Maybe they should save a 20% down payment and then PMI wouldn't be an issue at all.

Yes, PMI would not be necessary for those having a 20% down payment in hand. But FHA insurance is government backed. Obama's plan was to cut FHA interest rates not PMI.
Sorry about that... my error. Here is the lowdown on FHA insured loans.

Not what the OP said, it was talking about PMI.

You didn't read the op, Dumbass. Looks like we both are off our game tonight a wee bit. FYI, PMI is Private Mortgage insurance. The president/Feds wouldn't have the authority to manipulate the PMI rates. Since the FHA is federal, that mortgage insurance rate is subject to government oversight. I am glad I didn't have to deal with either since veteran loans do not require mortgage Insurance. BTW, just in case you want to act like a dumb ass again here is proof the op was about FHA and not PMI: