title:  Trump’s First Action In Office: Hurt The Poor As Quickly As Possible
text: The first thing that Donald Trump had planned on doing upon taking office was issue a bunch of executive orders canceling a bunch of executive orders. That s one promise he s making good on already, but rescinding a lot of things Obama did will harm a lot of people.During Obama s last week in office, he announced a reduction in FHA fees from .85 percent to .60 percent. That may not sound like a lot, but given that mortgages are in the hundreds of thousands, that reduction can actually provide some relief to low-income and first-time borrowers. That s what Trump has canceled.The Department of Housing and Urban Development is now under the auspices of the less-than-experienced-and-intelligent Ben Carson, who was disappointed that Obama didn t consult him about this. He was also disappointed that Obama and the FHA announced it so close to the end of his presidency.Which is, of course, ridiculous   until Obama had officially left office and Trump was officially sworn in, he could continue his work as the leader of this country. But Republicans have spent the last year acting like a president has no right to act during his entire last year of office, though, so of course Carson was upset.Republicans claim that lowering those rates will hurt taxpayers because it will hurt funding for the FHA. From the group that wants to destroy the mortgage-interest deduction homeowners claim on their taxes, though, that s rich. In reality, this is another attack on the poor and the young.It s important to note that what the FHA program does is provide insurance for mortgages, rather than doing the actual loans themselves. On a $200,000 home, the annual fee is $1,700. The reduction Obama wanted would have reduced that to $1,200. An extra $500 per year doesn t sound like much, but for both low-income and first-time homebuyers, that extra $500 can go a very long way.What does Trump and his administration care, though? Their logic very likely boils down to,  If you can t afford to buy, then just freaking rent. It s not that hard.  Well, actually, yes it is in many markets where average rents are higher than average mortgages. In fact, in August 2016, monthly rents were higher than monthly mortgage payments in markets across 42 states.Housing groups were divided on this, but many did want Obama s reduction because they believed it could have helped spur some home-buying. Without that reduction, though, there will be fewer low-income people who can afford a loan, and will have trouble affording to rent housing too. That can push them into worse areas with fewer jobs, and it s a downward spiral.Thanks, Trump.Featured image by Alex Wong via Getty Images