In case you are wondering if Trump will keep his promises…
In the first hour as president he did the following:
He rolled back an 11th-hour Obama administration rule that lowered home borrowers’ mortgage insurance costs.
The Federal Housing Authority uses that money to underwrite banks when low-income – and therefore high-risk – borrowers default on their loans.
Republicans argue that unless the FHA has significant cash reserves, all taxpayers including those with no stake in the housing market would be forced to pay for bailouts.
This happened in 2013, when the FHA required a $1.7 billion taxpayer cash infusion to keep going.
Back at the White House before a string of three inaugural balls, the new president inked formal commissions for a pair of retired Marine Corps general whom the U.S. Senate confirmed in their new cabinet roles.
Vice President Mike Pence swore them both in immediately.
Retired Gen. James Mattis is now the U.S. secretary of Defense. Retired Gen. John Kelly is secretary of Homeland Security.
Just as consequential were a pair of orders marking the Trump administration’s first firepower volley against Obamacare and signaling a massive, government-wide regulatory freeze.
The Obamacare executive order directs government departments and administrators to limit the cost of complying with the Affordable Care Act in every way possible while preparing for a Republican-dominated Congress to repeal and replace the law.
The regulatory memo, in the form of a memorandum from White House Chief of Staff Reince Priebus, orders federal agencies to cancel new regulations that haven’t yet been officially published and to delay for 60 days all those that are in place but haven’t yet taken effect.
It also orders bureaucrats to stop submitting most new regulations without first seeking White House approval.
Trump pledged during his campaign that he would pare back the American regulatory state in order to liberate the financial, energy and manufacturing sectors.
He also vowed to eliminate two federal regulations for every new one that takes effect.
I’m trying to understand this sentence – “He rolled back an 11th-hour Obama administration rule that lowered home borrowers’ mortgage insurance costs.”
So the Obama administration rule lowered home borrowers’ mortgage insurance costs, and Trump rolled it back? To higher insurance costs?
I don’t get it.
Maureen, When people deliberately walk away from Government home loans the bank forces you and me to pay for their losses in taxes. Trump thinks that is not fair. Keeping the insurance payment higher puts money into an account that will help pay for these losses. These are for very high-risk loans.
Maureen … So instead of waiting for the possibility of lose, they want us to PAY UP FRONT, to put that money into the hands of the banks… taking it out of your and my pockets. He wants to ensure that the banks don’t get stiffed by those that don’t pay.. he would rather you and me get stiffed for sure. Don’t let bankers and real estate agents lie to you. When did you get taxed extra because someone didn’t pay their home loan? In any case… in real $, this could have helped people buying homes, real estate agents get money from the folks selling the home they could care less if you got to pay insurance on your loan.
I was confused at first as well and didn’t understand how this was a good thing. I have come to understand that by cutting the PMI premiums the FHA would not possess the required money to cover losses and therefor need a tax payer bailout to cover losses. It was fiscally irresponsible to cut the premiums if there wasn’t enough money to pay out claims. That is if there truly want enough money. I thought I saw somewhere that Obama did it because there was a surplus but not sure who is right here.
Read on…it explains why.
This is the ‘MOST PRAYED INTO OFFICE’ President that America has ever elected. Every Christian who believes in continual success in this USA should lift him and his team up in prayer both constantly and continually.
I’m excited that he will keep his word! I believe he is honorable and will work hard for us!
I do wish he would stop answering, with ridiculous tweets, these ignorant people who bate him ! Don’t take the bate!!!! You are better than that!!
So Mark, when you say “want us” do you mean you and the other “high risk” borrowers? The ones that walk away from the loans and the taxpayers pay for it?