The White House on Monday announced a program to extend mortgage relief and a moratorium on home seizures through June, as thousands of Americans continue to struggle to keep up with payments during the coronavirus pandemic.
“The COVID-19 pandemic has sparked a housing affordability crisis,” the White House said in a statement. “Now homeowners will receive urgently needed assistance as we face this unprecedented national emergency. Today’s action builds on the steps the president took on day one to expand execution moratoriums for federally guaranteed mortgages.”
The joint effort of the Housing and Urban Development, Veterans Affairs, and Agriculture Departments will extend the homeowners’ foreclosure moratorium, keep the mortgage payment filing window open, and provide up to six months of additional mortgage payment waiver, in three-month increments, for borrowers who have tolerance on or before June 30 implemented.
Those protections were due to expire on March 30.
The White House estimates that just over 10 million homeowners are behind with mortgage payments. According to the Center on Budget and Policy Priorities, an estimated 13.2 million adults living in rental properties – nearly 1 in 5 adult tenants – were also not caught up on rent.
These figures are disproportionately high for homeowners and minority renters.
President Biden
Joe BidenMcConnell does not rule out his involvement in Republican primaries. Perdue Files Paperwork to Investigate Senate in 2022 Hillicon Valley: Parler Announces Official Relaunch | Google Signs News Payment Agreement With Major Australian Media Company | China is at the center of the GOP efforts to push back Biden MORE is committed to protecting home ownership and housing stability as America begins to turn a painful crisis into a robust recovery, “the White House said.” Today’s comprehensive tolerance and foreclosure programs are an important step towards building stronger and fairer communities. ”
Former President Trump
Donald TrumpMichigan Democrat Dingell On Violent Rhetoric: ‘I’ve Had Men With Assault Weapons In Front Of My House’ McConnell Won’t Rule Out Getting Involved in Republican Primaries 75 percent of Republicans want Trump to feature prominently in GOP: poll MORE Initially, the Moratorium for the Centers for Disease Control and Prevention issued in September, and Congress extended it in December. The Federal Agency for Housing Financing last week extended the grace period by three months for borrowers who came to the end of their grace period.
The Biden administration called on Congress to approve the US bailout plan, which would implement a $ 10 billion Homeowners Assistance Fund to help homeowners in trouble catch up on their mortgage payments and utility bills.
“This relief is critical for homeowners with residential mortgages who are unable to take advantage of today’s actions and may face longer-term challenges,” said the White House.
Updated at 7:44 am