One of Donald Trump’s first acts as president was to hurt struggling homeowners by signing an executive order that reversed an Obama interest rate cut on FHA mortgages.
This is how Trump began his presidency that he claimed gave power pack to the people:
JUST IN: In one of first Trump admin. orders, Dept of Housing & Urban Dev. suspends reduction of FHA annual mortgage insurance premium rates
— CNBC (@CNBC) January 20, 2017(Continued Below)
Trump’s first act as president was to hurt people who may already be struggling to pay their mortgage.
Obama cut the interest rates in an effort to help more borrowers gain access to the mortgage market that has seen a surge in rates for homebuyers. The rate cut would have trimmed payments for homeowners by hundreds of dollars a year, but that is all gone now because Donald Trump’s people’s presidency isn’t about those people.
What Trump omitted from his inaugural address was that when he talked about giving power back to the people, the people he was referring to were people like himself, rich, white, old men. If you are not a rich, white, old man, the next four years are going make like much harder. Trump left that part out of his speech.
The American people can learn a great deal about their new president by what he prioritizes as soon as he assumes office.
In the case of Donald Trump, his top priority appears to be harming people who have less, so that he can enrich those at the top who already have more.