HUD To Halt Foreclosure And Evictions Due To Coronavirus Pandemic
BREAKING NEWS: HUD To Halt Foreclosure And Evictions Due To Coronavirus Pandemic
Many of us remember the 2008 financial crisis.
- Millions of Americans literally lost their jobs overnight and were without income where they could not pay for their monthly housing payments
- There is no time in US history where foreclosure and bankruptcy rates have been so high
- Many industries like the mortgage, banking, and real estate-related industries had a financial meltdown and had to lay off countless workers
- Home prices plummeted
- In some areas, home values dropped to 50 percent or more
- Many businesses went out of business
- The country went into the longest-lasting recession after the 2008 financial meltdown
- Those of us who survived it can never forget the devastating impact of the 2008 Great Recession
- Many of us who fell victim to the 2008 Great Recession had to go through bankruptcy, foreclose, or both
- However, most of us eventually recovered, reestablished our credit, purchased a home, and enjoyed the great economy
- After Donald Trump got elected in 2016 as our 45th President, the US economy was on steroids
- Housing prices skyrocketed where HUD and the FHFA had to increase FHA and Conforming Loan Limits four years in a row
- The Dow Jones hit an all-time high on February 12th, 2020 to hit over 29,000
- Unemployment numbers hit a 50-year low
- Talk of a recession was non-existent
- Then a global disaster rolled into the US
- The coronavirus pandemic hit our country
- The US economy is now on meltdown mode
- The Dow Jones Industrial Average plummeted under 20,000. Other stock market indices followed
- Governors in many states have declared a state of emergency for businesses such as restaurants, bars, and other non-essential businesses to close and/or on limited hours of operation
- The coronavirus pandemic is affecting businesses, workers, and families. Millions of Americans are expected to get laid off and/or fired
- The Trump Administration is being transparent and proactive in battling the coronavirus pandemic
In this article, we will discuss and cover on how President Trump orders HUD To Halt Foreclosure And Evictions Due To Coronavirus Pandemic.
President Trump Orders HUD To Halt Foreclosure And Evictions Due To Coronavirus Pandemic Crisis
President Donald Trump ordered HUD to halt foreclosure and evictions. The executive order by the President is to help Americans going through financially tough times due to the coronavirus pandemic that hit the US like a gigantic horrific wildfire. Many Americans are in a state of fear and uncertainty. This is due to the fact there is no cure and/or vaccine for the deadly coronavirus. All evictions and/or foreclosures on FHA loans will be suspended through April via directive of the President of the United States.
President Trump Orders Relief To Renters And Homeowners
President Donald Trump issued the following statement last Wednesday in a White House briefing:
The Department of Housing and Urban Development is providing immediate relief to renters and homeowners by suspending all foreclosures and evictions until the end of April. So we’re working very closely with [HUD Secretary] Dr. Ben Carson and everybody from HUD. The move offers a reprieve for many Americans as the economy reels from the impacts of the coronavirus. Some state and local leaders have already suspended evictions during the pandemic, citing the financial uncertainty many renters and homeowners are facing. Efforts to mitigate COVID-19, the disease caused by the novel coronavirus, have forced restaurants, bars, retailers, entertainment venues and workplaces across the country to close for weeks or possibly months.
Treasury Secretary Steven Mnuchin warned Senate Republican members that he believes unemployment numbers could surge to over 20 percent in a worst-case scenario. Both the Treasury Secretary and President Trump are issuing statements to calm fears of the uncertainty of the coronavirus pandemic. As of today, there is no cure for this deadly contagious virus. Death numbers and new cases are increasing daily.