The federal eviction moratorium, implemented in the wake of the coronavirus, ends Friday at midnight. Fox Gillian Turner of Fox News and more.
A federal housing authority extended freezes on some foreclosures and evictions by the end of the year, a move designed to help homeowners and renters struggling financially due to the coronavirus pandemic
The Federal Housing Finance Agency announced Thursday that mortgage lenders Fannie Mae and Freddie Mac will extend the freezes on foreclosures and evictions on single-family homes until at least Dec. 31. The protection was scheduled to expire on August 31st.
The continuation of the moratorium will protect an estimated 28 million homeowners, according to FHFA Director Mark Calabria. The temporary restrictions on coercive measures apply only to single-family mortgages supported by Fannie or Freddie, while the break in evictions only affects tenants living in properties purchased by Fannie or Freddie due to foreclosure.
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“Fannie Mae, along with our lending and service partners, continues to be committed to supporting households that have lost jobs, reduced work hours such as income, or other issues caused by COVID-19,” said Malloy Evans, senior vice president and single. – family chief credit officer of Fannie Mae, said in a statement.
Between 30 million and 40 million Americans are at risk of eviction in the coming months – a result of the pandemic and subsequent economic recession, according to a report released in early August by the Aspen Institute.
“Landlords experiencing financial hardship due to COVID-19 have exhausted their resources and limited funds, just as eviction moratoriums and emergency aid have passed across the United States,” said the report, which is compiled from existing research. “Without intervention, the housing crisis will result in significant damage to tenants and landlords.”
When the novel coronavirus began to spread rapidly across the US in mid-March, prompting an unknown shutdown of the nation’s economy, lawmakers took swift action to protect tenants and homeowners from financial fallout.
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Congress passed the $ 2.2 trillion CARES law, which included a redundancy clause that protected about 12 million tenants in federal-assisted properties. But that moratorium expired in late July, leaving the fate of some tenants in the air. White House officials and top Democrats remain on a week-long impasse over another aid package.
There are about 110 million Americans living in rented houses; up to 23 million tenants – or 20% – are at risk of eviction by September 30, according to an analysis by the COVID-19 Eviction Defense Project.
For tenants living in privately supported properties, the eviction ban varies by state. You can check the status here.
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