Obama to announce cut in FHA premiums: Bloomberg

U.S. President Barack Obama greets reporters as he arrives via Marine One helicopter to the South Lawn of the White House in Washington January 4, 2015. REUTERS/Jonathan Ernst

WASHINGTON (Reuters) - U.S. President Barack Obama is set to announce a 0.5 percentage point reduction of Federal Housing Administration mortgage insurance premiums to 0.85 percent, Bloomberg reported on Wednesday. Obama is expected to make the announcement in a speech in Phoenix on Thursday, Bloomberg said, citing sources. Reuters could not immediately confirm the report. (Reporting by Susan Heavey; Editing by Bill Trott)