In brief: Obama makes mortgages more affordable for new buyers

Washington – President Barack Obama moved Wednesday to make it cheaper for first-time and younger buyers to take out a mortgage.

Obama lowered the mortgage-insurance premium for borrowers who have a down payment of just 3.5 percent of the home’s purchase price and finance the rest of the purchase with a loan backed by the Federal Housing Administration.

The reduction is expected to save the typical first-time homebuyer an average of $900 a year on the insurance, the White House said. The insurance is required because they’re financing so much of the purchase and the loans are riskier.

Existing homeowners who refinance into an FHA mortgage will see similar reductions, the White House said.

The White House estimated that the change will help 800,000 homeowners save on their mortgages and 250,000 new buyers save on mortgage payments over the next three years.

One top Republican in Congress called it a risky mistake.

“Such an action by the president would be a grave mistake that will end up hurting hardworking taxpayers,”‘ said Rep. Jeb Hensarling of Texas, chairman of the House Financial Services Committee.

Two killed in 18-vehicle pileup

Clarion, Pa. – An 18-vehicle pileup in whiteout conditions Wednesday afternoon killed two people in western Pennsylvania and left dozens injured, authorities said.

Both victims died after leaving their vehicles amid the chain-reaction crash on Interstate 80. One was struck and the other collapsed and died of internal injuries while looking for his children, who had been ejected, a coroner said. The children were found unharmed.

The pileup occurred during a snow squall that left drivers with little visibility. At least one of the trucks was carrying hazardous material, but no leaks were found, a county official said.

Snake found in office building toilet

San Diego – Officials in San Diego are trying to sort out how a 5 1/2-foot snake wound up in a toilet at an office building.

Stephanie Lacsa told San Diego County authorities she noticed the water level in the toilet was higher than usual when she went to the second-floor restroom Tuesday. When she plunged it, a snake popped up and flicked its tongue.

She ran out, taped the door shut and called Animal Services.

The department said an animal control officer found a giant Columbian rainbow boa on the floor. The snake was shedding and slightly underweight.

It was taken to an animal care facility and bit a handler.

If the owner doesn’t show up by Friday, the snake will go to a rescue group.

How it got in the toilet remains a mystery.