Trump reverses Obama's mortgage fee cuts

Soon after being sworn in as president, Donald Trump's administration canceled Barack Obama’s last-minute economic-policy actions.

The administration on Friday said it's ditching a reduction in the Federal Housing Administration’s annual fee for most borrowers.

The reduction would have reduced the annual premium for someone borrowing $200,000 by $500 in the first year.

Republicans have argued that reductions are a risk to taxpayers since they lower the funds the FHA has to deal with mortgage defaults.

Read more from Bloomberg.

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