Trump suspends HUD evictions, foreclosures amid coronavirus pandemic

Several cities and states have imposed similar moratoriums

TRD NATIONAL /
Mar.March 18, 2020 02:25 PM
President Donald Trump and HUD secretary Ben Carson (Photo by MANDEL NGAN/AFP via Getty Images)

President Donald Trump and HUD Secretary Ben Carson (Photo by MANDEL NGAN/AFP via Getty Images)

President Donald Trump announced Tuesday that the Department of Housing and Urban Development will suspend all of its foreclosures and evictions through April in response to the coronavirus pandemic.

The moratorium would apply to mortgages insured by the department’s Federal Housing Administration, or around 8.1 million households, according to Politico. Trump called it “immediate relief to renters and homeowners.”

HUD, led by Ben Carson, also administers rental assistance to around 9 million low-income Americans.

The Federal Housing Finance Agency also announced it was directing Fannie Mae and Freddie Mac to suspend foreclosures and evictions for “at least 60 days,” according to HousingWire. The moratorium would apply to single-family properties with mortgages backed by either of the mortgage giants.

FHFA Director Mark Calabria told borrowers who are struggling to pay their mortgages to reach out to their servicers “as soon as possible,” according to Politico.

Several cities and states have adopted their own emergency eviction moratoriums with various terms.

New York State has suspended evictions indefinitely. Miami-Dade County has also suspended evictions.

The Los Angeles City Council on Tuesday moved to extend a moratorium put in place by Mayor Eric Garcetti. If adopted, residential and commercial tenants would have up to a year to pay back owed rent related to the pandemic.
[Politico, HousingWire] — Dennis Lynch  


Related Articles

arrow_forward_ios
Make Greenland Great Again? Trump wants to buy Arctic territory

Make Greenland Great Again? Trump wants to buy Arctic territory

Secretary of the Department of Housing and Urban Development Ben Carson (Credit: Getty Images and iStock)

“Rich people are going to get richer anyway”: HUD Secretary Ben Carson dismisses concerns that Opportunity Zones will only benefit rich people

Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month

(Credit: iStock)

EB-5 is back in the doghouse

Gary Barnett, Central Park Tower, and the Tel Aviv Stock Exchange Bull (Credit: Wikipedia, iStock)

Extell’s Israeli bonds put on downgrade watch

From left: Ace Watanasuparp, Mark Favaloro and Alan Rosenbaum

Watch tonight: (Work from) home lending on TRD Talks Live

San Francisco’s Oceanwide Center has a new buyer

San Francisco’s Oceanwide Center has a new buyer

Macy’s in Herald Square and CEO Jeff Gennette (Credit: Google Maps, D Dipasupil/FilmMagic)

Macy’s announces furloughs for “majority” of its workers

arrow_forward_ios
Loading...