OVERTURNED

Trump Nixes Obama’s FHA Mortgage-Fee Cut

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.