The Republicans have never had any love for those who ain’t rich….
This move by the Trump admin to cut help for those who might need it in he South, the Midwest and rural communities, or anywhere that might not have a lot of money to put down for the American dream of owning a home is their way…
What I do NOT understand is how the people affected could even think about continuing to support those who oppress them….
Trump continues to work hard at beating down the American economy…
Fannie Mae and Freddie Mac, which back half of the nation’s mortgages, have a mandate to ensure access to affordable loans and are responsible for the broad availability of the 30-year fixed-rate mortgage.
The enterprises have had an obligation to make roughly a quarterof the mortgages they back to low-income borrowers, under affordable housing goals introduced in the 1990s and carried forward after entering into government conservatorship during the 2008 housing crash.
But the Trump administration has proposed replacing the affordable housing goals with a more “efficient, transparent and accountable mechanism,” such as a new fee that would be transferred to HUD to promote affordable housing activities. Many consumer and civil rights groups argue that the plan would not directly increase homeownership among low-income families.
“Essentially they are trying to shrink the government footprint in the market and introduce private guarantors that won’t have the same obligations as Fannie Mae and Freddie Mac,” said Jesse Van Tol, chief executive of the National Community Reinvestment Coalition.
In addition, housing advocates say, the administration’s plan would lead to a bifurcated market that would block first-time home buyers and low-income borrowers, many of whom are people of color, from lower-cost conventional loans. Borrowers who cannot afford 20 percent down payments and have less-than-pristine credit scores would be channeled into more expensive loans insured by the Federal Housing Administration, whose insurance premiums last for the life of the loan….