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Hoofy & Boo: The End of Trump Mortgage and Donald Trump's Licensed Products

Hoofy and Boo report that Donald Trump has pulled the plug on Trump Mortgage, after American Home Mortgage's recent collapse, less than two ...

Trump administration toughens up rules for no-money-down home mortgages

The Trump administration is toughening up rules on national affordable housing programs due to concerns over risk to the roughly $1.3 trillion portfolio the government has in federally insured mortgages.

The crackdown focuses on lenders for people who can’t afford the typical 3.5 percent down payment that Federal Housing Administration loans normally require, according to Bloomberg. The assistance enables four out of 10 FHA loans, and borrowers in these assistance programs become delinquent about twice as often as borrowers putting up their own money.

One of the largest down-payment programs in the country is the Chenoa Fund, and this new rule would be particularly harmful to it. The company provides roughly $100 million per month in loans to borrowers who are unable to meet the standard down-payment requirements through FHA.

The fund is run on behalf of a Utah tribal government known as the Cedar Band of the Paiutes.

Is Trump’s tax law helping or hurting the housing market?

Don’t miss: There are now fewer tax breaks for homeowners — here are the ones that remain

With all these factors taken into consideration — along with the higher mortgage rate and the lower rate of home price appreciation — the user cost of capital, or opportunity cost, of buying a home increased between 1% and 5% for homeowners affected by these tax code changes. In other words, it’s gotten more expensive to buy or own a home. But experts say the new tax code is just one piece of the puzzle.

Other studies suggest that tax reform has hurt the housing industry

The New York Fed analysis builds on other research that has suggested the GOP-led tax reform package could have created trouble for homebuyers and homeowners.

Realtor.com compared home sales activity in counties where there we a high concentration of households claiming the mortgage-interest deduction versus those where that was not the case. In the so-called “high-impact” counties, home sales had dropped 5.4% in October from the previous year, driven entirely by a smaller number of sales of homes priced at less than $750,000. Comparatively, in counties where few households claimed the deduction historically, sales were up 5.7% year-over-year.

does a life estate trump a mortgage?

if i have to foreclose on my property and home how will that effect my mother who holds a life esate and lives on the property in a separate house? she signed the mortgage but not the note.

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