Trumps first act as POTUS is to screw low income borrowers

[Straw Man]

great way to start by making it slightly more expensive for low income borrowers (who are most likely Trump voters) to get a loan

https://www.bloomberg.com/politics/articles/2017-01-20/trump-administration-overturns-obama-s-fha-mortgage-fee-cut


BTW - anyone every wonder why so many millionaires and billionaires suddenly want to work for the government (in essence to become public servants)? 

Why give up all that money they were making to go work for the government

Is it because the Republican plan to privatize everything will eventually yield them and their friends a lot more money in the long run

The one thing Republicans like about government is all the tax revenue.

They love taking tax dollars and funneling them into private hands where a profit motive can be built it which will benefit themselves and the expense of the very tax payers they pretend they want to help

[Soul Crusher]

great way to start by making it slightly more expensive for low income borrowers (who are most likely Trump voters) to get a loan

https://www.bloomberg.com/politics/articles/2017-01-20/trump-administration-overturns-obama-s-fha-mortgage-fee-cut


BTW - anyone every wonder why so many millionaires and billionaires suddenly want to work for the government (in essence to become public servants)? 

Why give up all that money they were making to go work for the government

Is it because the Republican plan to privatize everything will eventually yield them and their friends a lot more money in the long run

The one thing Republicans like about government is all the tax revenue.

They love taking tax dollars and funneling them into private hands where a profit motive can be built it which will benefit themselves and the expense of the very tax payers they pretend they want to help

[loco]

great way to start by making it slightly more expensive for low income borrowers (who are most likely Trump voters) to get a loan

https://www.bloomberg.com/politics/articles/2017-01-20/trump-administration-overturns-obama-s-fha-mortgage-fee-cut


BTW - anyone every wonder why so many millionaires and billionaires suddenly want to work for the government (in essence to become public servants)? 

Why give up all that money they were making to go work for the government

Is it because the Republican plan to privatize everything will eventually yield them and their friends a lot more money in the long run

The one thing Republicans like about government is all the tax revenue.

They love taking tax dollars and funneling them into private hands where a profit motive can be built it which will benefit themselves and the expense of the very tax payers they pretend they want to help

Trump's a Dem plant.

[SaintAnger]

The billion/millionaires are patriots!  This is God's country!  Fuck you!

[Dos Equis]

Trump's a Dem plant.

lol     And Hillary Clinton was right there with front row seats ensuring her evil plan came to fruition. 

Also, Trump's first act as president was apparently to sign a bill into law granting a waiver for Mattis to serve as SecDef.

[SOMEPARTS]

Making people actually qualify for home loans is not a bad thing....or were you not alive in 2008 when all those no stip, no proof of income and no money down loans went bad?

You are going to see the undoing of a lot of economic metrics fakery within the govt in the next 2 years. It will be everywhere. There is a bubble in almost everything.

[SOMEPARTS]

The one thing Republicans like about government is all the tax revenue.

They love taking tax dollars and funneling them into private hands where a profit motive can be built it which will benefit themselves and the expense of the very tax payers they pretend they want to help

Dems go into politics poor and come out millionaires. How? Not on their salary.

After millions lost in fake green corporations, Clinton Foundation, Biden's son in Ukraine for gas, Harry Reed profiteering in Nevada on land deals, Feinstein's husband making millions on Iraq War contracts, etc. there's too many of them to list really. How did any of those things help tax payers?

[Straw Man]

Making people actually qualify for home loans is not a bad thing....or were you not alive in 2008 when all those no stip, no proof of income and no money down loans went bad?

You are going to see the undoing of a lot of economic metrics fakery within the govt in the next 2 years. It will be everywhere. There is a bubble in almost everything.

it's got NOTHING to do with qualifying

all they did was raise the cost of getting an FHA loan

[Skeletor]

Not privy to the exact details of the act but the article says the Obama administration adopted it last week.

I found this in another article:

Here's the history of FHA MIP, from 2008 to early-2015:

Prior to January 2008 : 0.50% annual MIP plus 1.50% upfront MIP
October 2008 : 0.55% annual MIP plus 1.75% upfront MIP
April 2010 : 0.55% annual MIP plus 2.25% upfront MIP
October 2010 : 0.90% annual MIP plus 1.00% upfront MIP
April 2011 : 1.15% annual MIP plus 1.00% upfront MIP
April 2012 : 1.25% annual MIP plus 1.75% upfront MIP
April 2013  : 1.35% annual MIP plus 1.75% upfront MIP
January 2015 : 0.85% annual MIP plus 1.75% upfront MIP

Note that the FHA consistently increased its annual MIP charges while also tweaking its upfront MIP in order to remain solvent and with sufficient reserves.

The moves were not enough.

In late-2013, for the first time in its history, the FHA was forced to draw close to two billion dollars from the U.S. Treasury. Since that time, however, the FHA's fortunes have reversed.

Fewer loans have gone bad and, because of a change in how the FHA cancels MIP, the agency has been collecting bigger mortgage insurance premiums from its homeowners, over a larger number of years. As a result, the FHA now shows a positive capital reserve balance.

This is why the FHA could reduce its FHA MIP in 2015 for the first time since 2001.

http://themortgagereports.com/17092/fha-mortgage-insurance-premiums-mip-change-2015

[Straw Man]

Not privy to the exact details of the act but the article says the Obama administration adopted it last week.

I found this in another article:

http://themortgagereports.com/17092/fha-mortgage-insurance-premiums-mip-change-2015

Obama made this recent change to offset the jump interest rates

As noted, FHA premium have gone up (somewhat dramatically) in recent years

I do find this claim to be dubious:  "Fewer loans have gone bad and, because of a change in how the FHA cancels MIP"

Not only did this change happen recently so would be very hard to measure its effect (FHA premium can now never be cancelled where it used to drop off at a certain point in time, depending on LTV) but it just doesn't make any sense at face value.  It's like saying having fire insurance has prevented more fires from happening.  

Anyway, my point is that Trumps first move as POTUS is to harm first time home buyers and/or low income borrowers

I expect much more if this type in future policies

[Yamcha]

I am sorry that this will effect you directly.

[mazrim]

Excellent move.

[bike nut]

great way to start by making it slightly more expensive for low income borrowers (who are most likely Trump voters) to get a loan

https://www.bloomberg.com/politics/articles/2017-01-20/trump-administration-overturns-obama-s-fha-mortgage-fee-cut


BTW - anyone every wonder why so many millionaires and billionaires suddenly want to work for the government (in essence to become public servants)? 

Why give up all that money they were making to go work for the government

Is it because the Republican plan to privatize everything will eventually yield them and their friends a lot more money in the long run

The one thing Republicans like about government is all the tax revenue.

They love taking tax dollars and funneling them into private hands where a profit motive can be built it which will benefit themselves and the expense of the very tax payers they pretend they want to help

Republicans = tax money back into businesses

Democrats = tax money into government pockets

Try to keep up.

[Soul Crusher]

Straw is in deep depression

[WalterWhite]

Straw is in deep depression

What's not to like.

[Straw Man]

I am sorry that this will effect you directly.

much more likely to effect the typical brain dead Trump supporter

no effect on me at all

I've never had an FHA loan and last October did what is likely the very last refinance of my house and got a 30 year fixed rate @ 3.25% (by sheer luck I caught the very bottom of the interest rate cycle)

I literally smile every time I pay my mortgage each month when I see my low payment

[Straw Man]

Straw is in deep depression

Why would I be depressed?

I live in a beautiful state, have zero debt (other than my house) and have chunk of money in the bank and stock market.

I also get to look forward to the watching the dumbfounded dipshits who voted for Trump gradually realize he totally scammed them and is actually going to make their life much worse than it was under Obama.

The people who are depressed and scared are the Never Trump Republicans who understand this guy is a fraud and also know that all his fuck up and failures are now on them.  They are all painted with the Trump brush now.

[SOMEPARTS]

Rates are still so near record lows it was unnecessary anyway. Like a mortgage is a great idea for low income earners in the first place. The whole mortgage game is about paying and paying and paying.

[Straw Man]

Rates are still so near record lows it was unnecessary anyway. Like a mortgage is a great idea for low income earners in the first place. The whole mortgage game is about paying and paying and paying.

sorry to hear you can't afford to buy a house

[Soul Crusher]

sorry to hear you can't afford to buy a house

Since your husband bought yours for you and is paying the bills - no need to toss barbs at others

[Straw Man]

Since your husband bought yours for you and is paying the bills - no need to toss barbs at others

?

edit - lol  

i wrote fuggot and it showed up as homo

i hope the homo's at GetBig.com feel better

[Straw Man]

LOL

I gotta start copying my posts

didn't realize the sheriff was back on the job

[Coach is Back!]

much more likely to effect the typical brain dead Trump supporter

no effect on me at all

I've never had an FHA loan and last October did what is likely the very last refinance of my house and got a 30 year fixed rate @ 3.25% (by sheer luck I caught the very bottom of the interest rate cycle)

I literally smile every time I pay my mortgage each month when I see my low payment

Smile every time you make pay your mortgage.....for the next 30 years. Brilliant. Why not opt for a 15 pay it off sooner and live your retirement debt free.

[SOMEPARTS]

sorry to hear you can't afford to buy a house

I'm not afraid of debt on income-producing property, but currently my properties are paid for. I appreciate the concern though.

Maybe you should consider that you don't own anything for 30 years, the bank does. You just pay them double until then. Then you go and brag that you started the 30 year term over again. The bank loves you "saving money".

[Erik C]

Trump is just protecting taxpayers from the Greedy Needy, who always want something for nothing from the government, at taxpayer's expense.

Let's hope he continues to rein in the parasites access, to government money.