Reverses fee reduction for program popular with low-income borrowers.
J. Scott Applewhite/Reuters
Among Donald Trump’s first acts as U.S. president was the overturning of Barack Obama’s fee cut for mortages provided by a Federal Housing Administration program popular with first-time home buyers and low-income borrowers. According to Bloomberg, the fee cuts, instituted in the waning days of Obama’s presidency, “would have reduced the annual premium for someone borrowing $200,000 by $500 in the first year.” Republican leaders have long argued that FHA fee reductions would lower the funds the agency has to use for mortgage defaults.
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