(March 18, 2020) – Cities and states across the country are already suspending evictions and foreclosures in response to the spread of the coronavirus, but the federal government is taking the biggest step so far to keep people in their homes.
President Donald Trump announced Wednesday that the Department of Housing and Urban Development is suspending all foreclosures and evictions until the end of April.
HUD later announced its official policy, stating that the Federal Housing Administration is enacting an “immediate foreclosure and eviction moratorium for single-family homeowners with FHA-insured mortgages” for the next 60 days.
That matches the policy announced Wednesday by the Federal Housing Finance Agency.
The FHFA announced Wednesday that it is directing Fannie Mae and Freddie Mac to suspend foreclosures and evictions for “at least 60 days.”
That would mean the moratorium lasts through mid-May, at least.
According to the FHFA, the foreclosure and eviction suspension applies to homeowners whose single-family mortgage is backed by either Fannie Mae or Freddie Mac.
“This foreclosure and eviction suspension allows homeowners with an Enterprise-backed mortgage to stay in their homes during this national emergency,” FHFA Director Mark Calabria said in a statement.
Given that Fannie and Freddie are the largest mortgage financers in the country, the move is a sizable one.
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Source: HousingWire (03/18/20) Lane, Ben
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