Revolted Colonies

U.S. Politics and Culture

Category: Housing

The Wedding Planner: Strobe Lights in the Projects

Patton

Patton Plans Retro Look for New Developments

Even J-Lo couldn’t have written this into her contract.: “Add a point to Star’s share if a Wedding Planner is appointed to federal office.” As we said on November 9, nothing is unthinkable. When Future Ex-President Donald Trump announced that Lynne Patton, his family’s event planner, would head up federal housing in the New York-New Jersey region, it was another Onion moment. That can’t be real, right? Did they make it up? Did I make it up? Sorry, nobody made it up.

We are staggered daily by Trump’s vision for America. He knows Construction.  Public Housing doesn’t need maintenance and security. It needs Centerpieces.

Why Lynne Patton, you might well ask. The Daily News did.

“The News reported that Patton is a longtime Trump loyalist who’s arranged golf tournaments and handled what she called “celebrity acquisition” for Trump events. She also helped plan Eric Trump’s wedding.

“On her LinkedIn bio, she claimed to have a law degree from the Quinnipiac University School of Law in Connecticut, although school officials said she merely attended for two semesters and did not obtain a degree.

“She sent out a tweet late Thursday after The News inquired about the letters N/A appearing next to the entry about a degree from Quinnipiac.

“She said the N/A meant “not applicable,” and wrote, “When did you finish law school but you know you never did, you could answer N/A because it doesn’t apply to you. She added a confused face emoji and the hashtag #neverlied.” Ask her no questions.

Glib as the Daily News is, Revolted Colonies has scored the real scoop.  We have obtained a copy of Patton’s checklist for her first hundred days. You’ll soon see why she was the right person in the right place. Her appointment starts June 20,  but that would interfere with her Weddings schedule, which would choke a horse. She’ll start work in July.  By the way, her only requirement, to which Trump agreed, was that she could keep her day job.  Her check list looked like this:

July 1: Send out invitations for swearing-in after party, book Overkill Caterers, Fleurs du Mal Gardens and Lewandowski Security Services.

July 2: Set party budget- $100,000.00; cancel lead paint  abatement for Camden Housing Authority. savings – $100,000.00

July 3 Party. 

July 4 Start one month Hamptons Survey for new building sites.

August 4 Announce survey results at Tenement Museum Gala. 

August 5 Meeting with NYS  Commissioner to implement new federal definition of affordable.  

August 6 Begin month-long survey of Jersey Shore building sites.  

September 4 Attend Agency Labor Day Picnic-Attendance mandatory.

September 5 Send out discharge notices for all non-attendees.

September 6 Strategic goals meeting with Betsy DeVos.

September 9 Break ground on Trump Digs at Pocantico Hills, first 55 and over project under new Affordable regulations. 

September 10 Begin enforcement of emergency vacate order for Rangel Houses.  

September 13 Change name to Rangel Dacha and begin gut rehab.

September 22 Implement ICE personnel as concierges in all buildings.

And that’s just the first 90 days. It has not been announced but you can expect a party to be held by mid-October celebrating the agency’s acccomplishments. If the agenda seems like a lot of heavy lifting without the usual flourishes, Patton will tell you that government business, like a wedding, is all hard work.   It’s not nearly as glamorous as it seems.

Opening Move

Following his inauguration, President Trump signed two executive orders. One of them canceled an upcoming premium cut on borrower’s insurance for FHA mortgages. The premium cut, of 25 basis points, would have lowered borrower’s costs at a time when mortgage rates are rising. For the borrower, the premium cut would have held down overall monthly costs on new loans. For the FHA, however, the cut would’ve reduced the amount of the insurance fund held by the government to cover borrower defaults.

The fund must be at least 2% of the government’s mortgage obligations. The insurance fund right now stands at 2.32%, slightly more than the minimum. By canceling the premium cut that was to take effect next Friday, the administration has made a conservative move to increase reserves against defaults.

For the new homeowner, rising rates will push up the entry cost of home ownership. The homeowner will have less buying power with a higher mortgage rate and no reduction in the insurance premium.

This is not a sexy issue, not the kind of thing that ever would’ve been discussed during the campaign, even if the campaign had been normal. It reflects conservative thinking about government-backed obligations. It may reflect administration thinking about the strength of the housing market and the underlying strength of employment. By canceling the cut on the mortgage insurance premium, Trump has provided the government with a greater cushion against defaults by borrowers. You would expect this move to have a slight dampening impact on new home purchases. On the other hand, if you believe that new home sales were artificially stimulated by keeping costs down, this move would prevent a bubble in housing starts.

Because the insurance rate can be cut later, this move does not figured to be a very big deal. It reflects conservative thinking about government obligations relative to the minimum requirement And the rate environment. If employment figures remain strong and real wages hold or increase, a cut in the insurance premium rate could be warranted in the future. As a lender or a guarantor, there is no reason for the federal government to cut its cushion to the minimum.

A buyer would be wise to put borrow less — buy a less expensive home or put up a higher down payment. That would lower the carrying cost, making the loan less risky from a lender’s point of view.

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