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Last updated on February 2nd, 2021 at 06:21 pm
According to the administration officials of the Department of Housing and Urban Development, homes backed by the Federal Housing Administration will get an extended ban on evictions and foreclosures till the end of the year.
The loans of low- and moderate-income borrowers which are approximately 8.1 million homeowners with single-family mortgages insured by the FHA will benefit from this ban.
President Donald Trump signed an executive order directing federal agencies to review “whether any measures temporarily halting residential evictions” are necessary to prevent the spread of Covid-19.
This order only covers FHA mortgages, and not those backed by Fannie Mae and Freddie Mac, the government-run companies that guarantee about half of the U.S. residential mortgage market.
The CARES Act, which itself applied to only a quarter of the country’s forty-four million rental homes before expiring on 25th July.
Now, this move involves far fewer homes than it did. It also provides no direct money to aid struggling tenants, who will eventually have to pay back their old rents as well.
Reference Source: Yahoo News
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