First Action by President Trump Means More Expensive Mortgages for Millions of Homeowners
Washington, DC – (RealEstateRama) — Congressman Dan Kildee (MI-05) today spoke on the floor of the U.S. House of Representatives in opposition to President Donald Trump’s recent executive action that will lead to more expensive home mortgage payments for millions of Americans.
On Friday, President Trump canceled a previous administration policy that would have reduced the cost of mortgages for millions of home buyers. According to USA Today, “the action will affect millions of homeowners with an Federal Housing Administration-backed mortgage.”
“I am very disappointed that on his first day in office, President Trump made it more difficult and expensive for millions of hardworking families to own a home. Due to President Trump’s actions, many working families will pay more out-of-pocket on their home mortgages. A family with a FHA-backed $100,000 mortgage would see the cost of their mortgage go up hundreds of dollars annually. For families looking to purchase a new home, it would mean an additional barrier to home ownership,” Congressman Kildee said.
“Making homeownership harder isn’t making America ‘great’ – it is turning your back on hardworking families that President Trump promised to stand up for,” Congressman Kildee said.
According to the National Association of Realtors, this executive action by President Trump could keep as many as 40,000 Americans from buying a home this year. Due to reduced demand in the housing market, it could also cause hardworking Michiganders in the construction industry to lose their jobs.
A video of Congressman Kildee’s full speech can be viewed here.
Source: Congressman Dan Kildee
