President Donald Trump announced Tuesday that the Department of Housing and Urban Development will suspend all 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 services “as soon as possible,” according to Politico.
Several cities and states have adopted their own emergency eviction moratoriums with various terms.
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