Said his order "will eliminate a large monthly expense" for homeowners. The order sets up a pilot, if the regulator agrees, for mortgages not yet made.

The Action

The order signed the same day, "Decreasing Housing Costs for the American People", section 2(a): the FHFA Director "shall, if he determines that it is in the best interests of" Fannie Mae, Freddie Mac or the FHFA "and the American public, direct the Enterprises to establish a pilot program, applicable only to mortgages made after the establishment of the pilot program". The other sections set up a task force that reports in 180 days, tell the Director to expand a title insurance pilot for refinancing, and tell the Agriculture and Veterans Affairs departments to cut the rates on their own home loans "consistent with applicable law" and "available appropriations".

The Gap

A pilot the Director may decide not to start, open only to mortgages taken out after it starts, against a fact sheet that says it "will eliminate a large monthly expense". No homeowner paying mortgage insurance today is covered by it.

The Read

The fact sheet and the order went up on the same afternoon and describe the same section, which is what makes this a clean comparison. The fact sheet is titled "President Donald J. Trump Decreases Housing Costs for Americans". The order is the document he signed.

The fact sheet says the order "directs" the Director "to create a pilot program". The order makes even that conditional: the Director acts "if he determines" the pilot is in the interests of Fannie Mae, Freddie Mac or the agency and the public. If he does, the pilot covers "only" mortgages made after it is set up. Anyone already paying mortgage insurance is outside it, and a new borrower has to build up enough equity before cancellation could apply, which takes time or a rising market.

There is a fair answer, and it belongs here. The fact sheet says "qualifying Americans", and the pilot does what it says for the people it covers. Pilots usually start narrow. The Director may well say yes. None of that changes what the order covers on the day it was signed.

The rest of the order is the same shape. A task force on factory-built housing reports in 180 days. The title insurance change applies to refinancing. The rate cuts at the Agriculture and Veterans Affairs departments are tied to the law and to money Congress provides. The fact sheet's headline says housing costs have been decreased.

The words are the White House's, published under his name; he had not posted about the order himself by the evening it was signed. If he does, the post goes here.