- Issac Bailey: Trump administration's first move - to suspend mortgage rate cut - not surprising, but also not necessary
- For all President Trump's talk about helping the little guy, this move will hurt low- and middle-income borrowers, he says
Issac Bailey has been a journalist in South Carolina for two decades and was most recently the primary columnist for The Sun News in Myrtle Beach. He was a 2014 Harvard University Nieman fellow. Follow him on Twitter: @ijbailey. The views expressed are his own.
(CNN)Last weekend, while enormous numbers of Americans were marching throughout the country against the proposed policies of a president sworn in just the day before, the Trump administration had already made a move that will make it more expensive for many Americans to become homeowners. The rescinding of a pending cut in mortgage insurance rates planned to go into effect January 27 wasn't a big surprise, and it doesn't seem to have been a carefully considered policy decision. The Obama administration implemented the planned cut in its final days, apparently without consulting the incoming Trump team. But none of that changes the fact that for all President Trump's talk about helping the little guy, this move will hurt low- and middle-income borrowers.