President Trump suspends Obama’s FHA Mortgage rate decrease

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WASHINGTON, D.C. - President Trump has stopped regulations intended to cut FHA Mortgage insurance premiums.

President Obama signed an executive order for a rate of 25 basis points, or .25 percent. The move was intended to help low-income homeowners get government-backed mortgages at a lower price.

The bill was supposed to go into effect on January 27th. The FHA believes the decrease would save homeowners an average of 500 dollars this year, but the department says the measure has been suspended "indefinitely".

Also on Friday, White House Chief of Staff released a memorandum to all executive Departments and agencies to freeze new and pending regulations from the previous administration.

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