Trump Reverses Obama's Mortgage Fee Cuts on First Day
- Obama sought to reduce fees by a quarter percentage point
- Loan program is popular among first-time home buyers
What Will President Trump Tackle First?
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Soon after Donald Trump was sworn in as president, his administration undid one of Barack Obama’s last-minute economic-policy actions: a mortgage-fee cut under a government program that’s popular with first-time home buyers and low-income borrowers.
The new administration on Friday said it’s canceling a reduction in the Federal Housing Administration’s annual fee for most borrowers. The cut would have reduced the annual premium for someone borrowing $200,000 by $500 in the first year.