00:00It's Benzinga bringing Wall Street to Main Street.
00:02President Trump signed an executive order aimed at lowering mortgage costs as rising
00:07interest rates and inflation-strain housing affordability, according to CNBC.
00:12The order directs the Federal Housing Finance Agency to establish a pilot program
00:17that proactively cancels mortgage insurance for eligible borrowers
00:21once they reach a certain home equity threshold.
00:24The program would apply to future loans.
00:27Trump also directed the agency to make permanent a refinancing pilot program
00:32that waives lenders' title insurance requirements and allows cheaper alternatives.
00:37Former FHFA director Sandra Thompson estimated the refinancing program could save borrowers
00:43$500 to $1,500 in closing costs.
00:48FHFA director Bill Pult said millions of Americans could save thousands of dollars,
00:52although mortgage expert Keith Gumbinger said the consumer impact remains uncertain.
00:57For all things money, visit Benzinga.com.
