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

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
The decline in contract activity may signal a drop in sales in the coming months (iStock)

Pending homes sales dipped in September

Pending homes sales dipped in September
New foreclosure filings are rising again as limits are lifted (iStock)

Foreclosure filings ramp up, especially in minority neighborhoods

Foreclosure filings ramp up, especially in minority neighborhoods
The MTA board approved rent relief for small businesses in Grand Central and other locations (iStock)

MTA cuts rent up to 90% for small businesses

MTA cuts rent up to 90% for small businesses
Donald Trump and the Trump Tower in Chicago (Getty, Trump Org.)

Trump strong-armed lenders to forgive Chicago tower debt: NY Times

Trump strong-armed lenders to forgive Chicago tower debt: NY Times
New York Community Bank president Joseph Ficalora (Facebook; iStock)

NYC’s largest multifamily lender says rent collections are at pre-pandemic levels

NYC’s largest multifamily lender says rent collections are at pre-pandemic levels
arrow_forward_ios

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

Loading...