Trump suspends HUD evictions, foreclosures amid coronavirus pandemic

Several cities and states have imposed similar moratoriums

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
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
“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
Hamptons’ priciest summer rental to host MAGA extravaganza next month
Tech entrepreneur behind record-breaking $22.5M Chelsea townhouse sale
Tech entrepreneur behind record-breaking $22.5M Chelsea townhouse sale
Tech entrepreneur behind record-breaking $22.5M Chelsea townhouse sale
(iStock/Illustration by Kevin Rebong for The Real Deal)
Watchdog org: Put home-sale commissions in buyers’ hands
Watchdog org: Put home-sale commissions in buyers’ hands
Photo Illustration of Elon Musk (Getty)
Musk could save $2B in California taxes on Texas move
Musk could save $2B in California taxes on Texas move
The year-over-year rise in home prices was just below the 19.8 percent annual rise in August. (iStock)
Home prices up 20%, but buyers, take heart
Home prices up 20%, but buyers, take heart
Landlords were less likely to respond to renters they thought were African American or Latino. (iStock)
Landlords more likely to ignore applicants of color
Landlords more likely to ignore applicants of color
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...