January 23rd, 2017 1:39 PM by Rose Tignor
MIP Reduction SuspendedImmediately following the inauguration of Donald Trump, the Department of Housing and Urban Development (HUD) announced that the recent reduction of Mortgage Insurance Premiums(MIP) has been suspended.The announcement by HUD was made 1 hour after President Trump was sworn in on Friday, January 20, 2017.According to Housing Wire, The letter stated that the FHA will issue a subsequent Mortgagee Letter at a later date should this policy change."FHA is committed to ensuring its mortgage insurance programs remains viable and effective in the long term for all parties involved, especially our taxpayers," the letter stated. "As such, more analysis and research are deemed necessary to assess future adjustments while also considering potential market conditions in an ever-changing global economy that could impact our efforts."When Ben Carson, Trump's choice to lead the Department of Housing and Urban Affairs, appeared last week before the Senate Committee on Banking, Housing, and Urban Affairs, one of the topics of discussion was the outgoing administration's recent decision to cut Federal Housing Administration mortgage insurance premiums on its way out the door.At the time, Carson said that the Trump administration plans to "really examine" the Obama administration's decision to cut FHA premiums before determining a course of action.
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