quote:

Congressional Republicans, including incoming HUD Secretary Ben Carson... worried that, by reducing the amount that homeowners are asked to pay each month, the FHA’s insurance program would collect less cash. The FHA uses its cash reserves to underwrite banks when high risk borrowers default on their mortgages. Without large reserves, taxpayers could be on the hook to bail out the banks. The FHA required a $1.7 billion bailout in 2013, when its reserves dried up.

quote:

ORIGINAL: BoscoX

Because... (Also from Fortune)

quote:

Congressional Republicans, including incoming HUD Secretary Ben Carson... worried that, by reducing the amount that homeowners are asked to pay each month, the FHA’s insurance program would collect less cash. The FHA uses its cash reserves to underwrite banks when high risk borrowers default on their mortgages. Without large reserves, taxpayers could be on the hook to bail out the banks. The FHA required a $1.7 billion bailout in 2013, when its reserves dried up.

Now quit fearmongering and peddling fake, half-baked news - just like you were a big grown-up boy.

quote:

ORIGINAL: Musicmystery

In one of his very first substantive moves as president, Donald Trump signed an executive order Friday that will result in a hike to many first-time homeowners’ mortgage bills, less than an hour after leaving the inaugural stage.

The order will have the immediate effect of increasing the amount that most non-wealthy homeowners must contribute to the Federal Housing Authority’s insurance program. Beginning Jan. 27, most borrowers will now have to pony up six-tenths of a percent of their mortgage each month, up a quarter of a percentage point from last year. Americans with $200,000 mortgages will pay roughly $500 more in 2017 than they did in 2016, according to the FHA.

Trump’s decision to undo the Obama-era rate reduction, thus resulting in an uptick on borrowers’ bills, will have very little affect on wealthier mortgage holders, since the program only applies to those with low incomes, middling credit scores or who have less than a 20% down payment on their homes. (Wealthier borrowers generally do not fit the program’s criteria.)

http://fortune.com/2017/01/21/donald-trump-mortgage-bills/?xid=fortune-amp-fbshare

Americans feeling helped already . . .

quote:

ORIGINAL: Termyn8or

quote:

ORIGINAL: Musicmystery

In one of his very first substantive moves as president, Donald Trump signed an executive order Friday that will result in a hike to many first-time homeowners’ mortgage bills, less than an hour after leaving the inaugural stage.

The order will have the immediate effect of increasing the amount that most non-wealthy homeowners must contribute to the Federal Housing Authority’s insurance program. Beginning Jan. 27, most borrowers will now have to pony up six-tenths of a percent of their mortgage each month, up a quarter of a percentage point from last year. Americans with $200,000 mortgages will pay roughly $500 more in 2017 than they did in 2016, according to the FHA.

Trump’s decision to undo the Obama-era rate reduction, thus resulting in an uptick on borrowers’ bills, will have very little affect on wealthier mortgage holders, since the program only applies to those with low incomes, middling credit scores or who have less than a 20% down payment on their homes. (Wealthier borrowers generally do not fit the program’s criteria.)

http://fortune.com/2017/01/21/donald-trump-mortgage-bills/?xid=fortune-amp-fbshare

Americans feeling helped already . . .

You have no idea. First of all that $500 discount was signed by Obama on his way out, so "will pay more tha in 2016" is an out and out lie.

Second of all, this is paid upfront and if you don't have $500 to spare you cannot afford the house. The FHA should never have been created, it grew the bubble that made the banks richer and ended up causing alot of foreclosures, which means homeless people.

Meantime, in case you are among the ignorant in such things (proven by your post) the FHA does not guarantee the loan, only interest on the loan until they can sell the property at auction. now the banks are getting into the rental business so they got the interest coming in from the FHA and rent as well. Things couldn't be better.

I saw the ads, $565 for a $250,000 mortgage. Know what one month interest is on $250,000 ? Do you understand how a standard loan amortizes ? If you do, you must be using liberal math to do it.

Bottom line, when they tell you what you can qualify for using FHA that means you eat Ramen noodles and nothig, and I mean NOTHING goes wrong. Not just the furnace or the roof, but the tranny in your car, and that you never have an accident and cannot work for even one week. the smart buyer uses a figure about half of what they'll give you.

But you don't really care about facts as long as you get to bash Trump. Actually, the FHA should have been abolished in 2008 after the banks made millions they claimed didn't exist. They profited AND got a bailout.

And just because you play stock market doesn't mean you know jack shit about anything else, as proven by this lame ass lie filled post.

T^T