On Day 1, Donald Trump Raises Government Fees for Low-Income Mortgage Holders
In his last months in office, President Barack Obama acted to lower mortgage insurance fees for low- and moderate-income homeowners. By lowering the government’s FHA mortgage insurance fees by $250 a year for a $100,000 mortgage, President Obama acted to make home ownership more possible for working-class and middle-class Americans.
Private mortgage insurance corporations didn’t like that change. If the U.S. government could provide FHA mortgage insurance to Americans, why would people buy higher-priced private mortgage insurance, after all? Obama’s move to help working-class and middle-class Americans threatened real estate financiers’ profit margins.
And so, on his first day in office as president, Donald Trump signed an executive order to raise FHA mortgage insurance fees right back up.
If you thought a President Donald Trump was actually going to fight for the little guy, well, he just showed you his true character in action. As Republican politicians cheered, he gave you a knee to the groin instead.