As one of his first acts in office, today President Trump rolled back a law put in place earlier by the Dept. of Housing & Urban Development that saved home buyers $50/month when they were forced to purchase Private Mortgage Insurance (PMI) when buying a home and putting less than 10% down through the FHA lending program that millions of Americans use.
Private Mortgage Insurance is a huge moneymaker for the insurance industry. It is one of the few types of insurance that really carries no risk. Those who are forced to buy it, millions of Americans each year, are forced to pay the premiums on top of their mortgage payments. But if you pay the premiums, then do not make your mortgage payments, you still lose your house, so what is PMI really for? It’s a general revenue generating device put in place decades ago after a years-long lobbying campaign by the insurance lobby.
President Trump just took $50 out of the pocket of millions of Americans each and every month, and gave it to insurance companies, while giving the American people nothing in return.
Let’s Make America Great Again!!