RUTHFULLY YOURS

That was fast. Less than an hour after President Trump’s swearing in, his Department of Housing and Urban Development suspended the Obama Administration’s last-minute gift to the housing lobby to cut mortgage insurance rates.

Former Secretary Julian Castro announced last week that HUD would lower by 0.25% what the Federal Housing Administration charges on a risky mortgage backed by taxpayers. On loans exceeding $625,000, the premium cut would have been 0.45%. The reductions were scheduled to take effect next Friday.

Mr. Castro promoted the reductions as a way to lower costs for homeowners as he went out the door, but the move was a classic example of the clout of the housing lobby. Realtors, home builders and “fair-housing” advocates have been lobbying for the cut as interest rates begin to rise. They hoped the lower cost of this government subsidy would help them originate more mortgages. Mr. Castro, who has future political ambitions, also didn’t mind doing a favor for potential campaign donors.

The suspension of the premium cut is good government and good for taxpayers. HUD said the suspension is indefinite, which will give the new Trump team time to inspect the FHA’s books and make its own decision. Mr. Trump’s nominee as HUD Secretary, Ben Carson, isn’t even on the job and might not be for a while if Democrats continue to stonewall confirmation votes.

FHA has become a giant guarantor of mortgages with too little scrutiny. Homeowners can score FHA mortgage insurance with a credit rating as low as 580 and a mere 3.5% down payment. When home prices are rising, too few people pay attention when politicians put taxpayers more at risk. But we learned from hard experience in the previous decade that these policies can come back to haunt.

Washington’s housing-industrial complex may squawk, but the new Administration has sent the right message in reversing a bad Obama decision.

Chief Justice Roberts, President Carter, President Clinton, President Bush, President Obama, fellow Americans and people of the world, thank you.

We, the citizens of America, are now joined in a great national effort to rebuild our country and restore its promise for all of our people.

Together, we will determine the course of America and the world for many, many years to come. We will face challenges, we will confront hardships, but we will get the job done.

Every four years, we gather on these steps to carry out the orderly and peaceful transfer of power, and we are grateful to President Obama and First Lady Michelle Obama for their gracious aid throughout this transition. They have been magnificent. Thank you.

Today’s ceremony, however, has very special meaning because today, we are not merely transferring power from one administration to another or from one party to another, but we are transferring power from Washington, D.C. and giving it back to you, the people.

For too long, a small group in our nation’s capital has reaped the rewards of government while the people have borne the cost. Washington flourished, but the people did not share in its wealth. Politicians prospered, but the jobs left and the factories closed. The establishment protected itself, but not the citizens of our country. Their victories have not been your victories. Their triumphs have not been your triumphs. And while they celebrated in our nation’s capital, there was little to celebrate for struggling families all across our land.

That all changes starting right here and right now because this moment is your moment, it belongs to you.

It belongs to everyone gathered here today and everyone watching all across America. This is your day. This is your celebration. And this, the United States of America, is your country.

What truly matters is not which party controls our government, but whether our government is controlled by the people.

January 20th, 2017 will be remembered as the day the people became the rulers of this nation again.

The forgotten men and women of our country will be forgotten no longer.

Everyone is listening to you now. You came by the tens of millions to become part of a historic movement, the likes of which the world has never seen before.

At the center of this movement is a crucial conviction, that a nation exists to serve its citizens. Americans want great schools for their children, safe neighborhoods for their families, and good jobs for themselves. These are just and reasonable demands of righteous people and a righteous public.

But for too many of our citizens, a different reality exists: mothers and children trapped in poverty in our inner cities; rusted out factories scattered like tombstones across the landscape of our nation; an education system flush with cash, but which leaves our young and beautiful students deprived of all knowledge; and the crime and the gangs and the drugs that have stolen too many lives and robbed our country of so much unrealized potential.

This American carnage stops right here and stops right now.