Federal Mortgage Insurer to Lay Off About Half Its Workforce
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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.