00:00Today, I'm signing two historic executive orders, continuing my administration's efforts
00:05to help more of our citizens achieve the dream of home ownership. It's called the American dream.
00:12Thanks to our purchase of $200 billion in mortgage bonds, mortgage rates recently reached the lowest
00:18level in five years. This dramatically reduces monthly payments for new homebuyers. The annual
00:26cost of the typical new mortgage is down almost $5,000 since I took office. I'm very proud of
00:33that. I also signed an executive order to stop Wall Street and large institutional investment
00:39firms from buying up all the single family homes in the scheme to turn them into rentals and make
00:46lots of money in doing it. We want America to be a nation of owners, not renters. Today, I'm taking
00:53action to help reduce rates even more and make it much easier to build new homes in America.
00:59The first executive order is about bringing more community banks back into the mortgage business.
01:05Two decades ago, over 5,000 community banks were offering mortgages. Today, that number has been
01:12slashed by more than 50 percent, largely because of burdensome, unnecessary regulations that radical
01:19liberals imposed on community lenders imposed on community lenders for the benefit of their donors
01:24on Wall Street and, frankly, for the benefit of themselves. The result was less competition and
01:30higher mortgage rates for hardworking Americans like you. That is why, under my order, we will
01:37eliminate the thicket of unnecessary rules and restrictions that crippled community banks.
01:43They've been hurt so badly. We're bringing them back.
01:46When more local banks start offering mortgages again, fees will go down, costs will fall,
01:52and homebuyers will be able to get a mortgage under the more affordable terms that we're insisting on.
01:59The second executive order I'm signing today will help lower construction costs for building new homes
02:05so that homebuilders can offer Americans more affordable options. I'm going to sign them right now.
02:27No auto pen. Okay? That's my real signature. It's not an auto pen like you had in the past.
02:38As part of the Green News scam, the Biden administration and many state and local governments
02:44added endless, ridiculous regulations that raise construction costs very, very substantially.
02:52With my order today, we will slash many of these pointless regulations that do nothing for
02:58safety and add lots of costs. It's really unfair to the homebuyers. And ultimately,
03:04they're the ones paying for this disaster. Under the Trump administration, we want to make it possible
03:10for every American to live that American dream in a beautiful home. And it's really the one that
03:16they pick. It's going to be the apple of their eye. So I just want to thank everybody. Our country
03:21is
03:21doing really well. It's being thought of all over the world with great respect again, more than maybe
03:27it's ever had. Thank you very much. Have a good time.
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