fiscal conservatives

Forgotten Again

How quickly they forget!

In its first executive action last Friday, within the hour after Trump took the oath of office, his administration suspended the implementation of a rule that would have reduced the cost of mortgage insurance for FHA-backed loans. The backing helps first-time buyers, people with poor credit, and those who lack funds for a 20% down payment obtain private loans.

About 16% of new mortgages are FHA insured. The premium rate would have been reduced from 0.85% to 0.60%, saving borrowers about $29 monthly on a $200,000 mortgage.