One of the first actions Donald Trump took as president was repealing a proposed fee cut that could have helped 40,000 first time home buyers get into the housing market this year alone. The cut in fees on mortgage insurance was proposed by the Obama administration and was set to go into effect at the end of January. Trump’s decision to repeal the fee cut is the first sign that middle class families, the ones he asserted just hours previously that he would be serving, are the first to suffer under the Trump administration.
It remains to be seen if the decision to repeal the proposed cut in fees will make America stronger – it will, however, keep 40,000 Americans out of the housing market.
While President Trump’s exact tax policies are still unclear, many feared in the run up to the election that he would ease fees and taxes on wealthy Americans and ask the middle and lower classes, many of whom voted for Trump’s promises of a stronger America, to shoulder more of the burden.
Chuck Schumer responded from the floor of the Senate shortly after Trump signed the executive order: “One hour after talking about helping working people and ending the cabal in Washington that hurts people, he signs a regulation that makes it more expensive for new homeowners to buy mortgages.”
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