Economy
Mortgage-cost order sets up agency action, with future-loan limits on insurance pilot
A new U.S. executive order directs federal housing agencies to pursue changes to mortgage insurance and refinancing costs, but it does not immediately cancel insurance for every homeowner. The October 22 order makes the proposed proactive-cancellation pilot applicable only to mortgages made after the pilot is established and leaves implementation subject to FHFA determinations, eligibility rules and legal safeguards.