Federal Mortgage Insurer to Lay Off Nearly Half Its Workforce

[Zorro]

Source: Bloomberg via Yahoo Finance

The Trump administration is planning to lay off at least 40% of the workers at the federal agency that provides mortgage insurance on loans for people who otherwise wouldn’t qualify for one, according to two sources familiar with the agency’s plans.

Federal officials are preparing to cut employees at the Federal Housing Administration, the office that helps certain homebuyers secure a loan if they can’t afford a down payment or have below-average credit scores, the sources said. It also protects lenders against losses on those loans. The FHA is one of the largest mortgage insurers in the world and has insured more than 40 million home loans since 1934, according to the agency’s website.

The Trump administration cut thousands of employees in recent days, after President Donald Trump directed agency heads to do so. He told officials to focus on firing workers who “perform functions not mandated by statute,” including “diversity, equity and inclusion programs.”

The US Department of Housing and Urban Development, the parent agency for the FHA, plans to discharge 50% of its workforce, Bloomberg Law previously reported.

Read more: https://finance.yahoo.com/news/federal-mortgage-insurer-lay-off-181539006.html

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Musk is certainly hard at work destroying the US government, and the Republican quislings go along for the ride.

Here's hoping he's got his eyes on their Congressional perks while he's at it.

[Walleye]

1. We are really, not in that bad of shape to be using this kind of austerity

Men shouldn’t be running things, they are too emotional

[IronLionZion]

2. Trump will put our economy in bad shape sooner than you think

[Walleye]

5. He already has.Laying off a lot of people is not an indication of a good economy.

[IronLionZion]

9. He's creating jobs and finding efficiencies the same way Mexico is paying for the wall

[Walleye]

14. Yes, and the same way he won in 2020 and had the biggest crowd size ever at his 2017 inauguration

[roscoeroscoe]

3. This is Fine

/s

[truthisfreedom]

4. This is clearly about race.

No doubt about it.

[Grins]

6. Bwahahahahahahaha! There goes the real estate market

Good luck, getting that new home, MAGA!

Tell me, MAGA - when you voted for Trump did you know you were also voting for this? Now soak in it.

[Walleye]

8. It certainly is some bittersweet revenge

[Pinback]

17. The only saving grace is

every time the real estate market tanks, there are fewer teardowns and new subdivisions built, which means more trees and wildlife habitat are spared.

But I would rather see affordable housing for all.

[Grins]

28. Excepot those trees and wildlife habitat - are in Canada.

The bulk of soft lumber you find in construction, and lumber yards in the U.S., comes from Canada. Overwhelmingly. Look back to 2020 when COVID hit and the supply of Canadian lumber collapsed. And with it home construction/remodeling.

[Pinback]

29. Trees used for lumber, yes.

I’m talking about the trees that get mowed down for residential construction. It’s generally the first step where I live.

[Walleye]

7. Unfortunately, republicans in Congress don't need the perks or their salary even. Elon is paying them.

[lonely bird]

23. What to save costs?

Stop congressional pensions, healthcare and cut their salaries.

Follow that up with a prohibition from going to work as a lobbyist.

[Walleye]

24. I'm just saying that doesn't matter if they expect to get free money from private sources their salary doesn't mean much

Citizens United has legalized bribery. They don’t need their salaries and perks.

[lonely bird]

25. Oh, I have no doubt...

That there is grifting going on.

Still, fuck ‘em.

Take away whatever we can from them.

[Tarzanrock]

10. It's your Vichy Nazi government.

Feel their Hate! It's palpable.

[BootinUp]

11. We are tired of winning, already. Nt

[tonekat]

12. There goes the former U.S.A.

This country will be in flames soon.

[Snarkoleptic]

13. FHA enables large numbers of first time homebuyers to get a piece of the American Dream.

magats have no interest in advancing a stable and growing society with upward mobility.

[LetMyPeopleVote]

15. My middle child just closed on a house last week

New homebuyers are going to have fun getting mortgages

[Bengus81]

16. This will probably destroy the new home market. Most of those loans are insured

until you get the loan down to 80% if I remember right. That's the way it was on a home we bought in 1981.

[TalenaGor]

21. on conventional mortgages yes, I have an FHA & was recently informed this is not true in my case unless I refi

[dalton99a]

18. Kick

[DENVERPOPS]

19. That will be a big boom

to the Hedge Funds that are all manic and in a frenzy to gobble up all the real estate and land in the U.S.

They are already going after all the single family residences in the U.S., and have their eyes on all the BLM land, and National Parks....

[KY_EnviroGuy]

22. K&R. My thoughts, exactly.

Republicans always have hidden agendas to help their wealthy donors and corporations.

[SWBTATTReg]

20. Moron is well on his way to single handily screw the housing market too, one of the key economic pillars of this

Country's economy. When it was running fine before, robust and running well, perhaps in some areas, the housing markets were in chaos (FL, w/ the condo situation being a mess, insurers dropping out right and left, and in Calif. w/ the fires, insurers are taking a second look). And what is tRUMP doing? Playing the blame game on everybody else but him. It'll get worse too. Just wait.

[Botany]

26. Hey Mr. MAGA with the checkered credit history and the 8 months for selling meth @ a death metal concert

….. there goes that Fanny May insurance for the home you wanted to buy I guess you’ll have to make
do with your trailer in Cow Creek, W.V.. Way to show the Lib-tards up.

[Owens]

27. Can't wait to see the record unemployment numbers reports come out

Then watch Trump blame the Democrats and the Democrats not responding.