Skip to main content

Amid Coronavirus Concerns, Mortgage Payment Assistance Measure Introduced
Mar 13, 2020
Photo credit: Getty Images/William_Potter

Rep. Tulsi Gabbard (HI-02) has introduced H.Res.897 to the House Committee on Ways and Means, a measure that would provide for a universal basic payment to help Americans across the country weather the storm caused by the Coronavirus pandemic (COVID-19), including economic relief to address the financial needs of the nation, such as assistance with mortgage payments, student loans and other debt obligations.
“The Coronavirus pandemic has created a threat to the health and well-being of the American people, as well as to our country’s economic stability. While some in Washington are focused on taking care of Wall Street, everyday Americans get left behind. That’s wrong. Instead, we must act swiftly to provide a temporary universal basic payment of $1,000 per month to every American adult to help them weather the storm created by this crisis. Taking care of all Americans will stimulate our economy during this downturn,” said Rep. Tulsi Gabbard. “I’ve introduced a resolution that prioritizes people so our economic relief is placed directly into the hands of every American, rather than getting stuck in bureaucracy or ending up in the pockets of big corporations.”
Expressing the sense of the House of Representatives that there should be a direct emergency economic stimulus for individual Americans in response to the Coronavirus, H.Res.897 urges the Federal Government to provide an emergency non-taxable Universal Basic Payment of $1,000 per month to all adult Americans until COVID-19 is no longer presented as a public health emergency. The Universal Basic Payment will be a temporary economic stimulus package to empower Americans directly and immediately.
According to the National Association of Realtors (NAR), nearly 25 percent of home sellers are changing how their home is viewed while the home remains on the market due to the Coronavirus. The Fed has lowered the Fed Funds Rate to the one to 1.25 percentage point range, its first emergency rate cut since December of 2008, in order to spur the economy as Coronavirus fears close school districts, cancels events and has sent the nation and its economy into a frenzy.
On Friday, President Donald Trump officially announced a national emergency due to the Coronavirus. In doing so, $50 billion in federal funding was freed up to be used by state and local governments most impacted by the pandemic. News of Trump’s declaration rallied the volatile stock market, as the Dow Jones Industrial Average closed 1,985 points higher, or 9.4 percent, at 23,185.62, the index’s biggest-ever point gain on a single day since October of 2008.

Mar 13, 2020
The Fed: Tapering Could Start In November

Open Market Committee also expects to raise federal funds rate a year earlier, in 2022

Regulation and Compliance
Sep 23, 2021
HUD, FHFA: Freddie Mac Can Buy Group Home-Backed Loans

Agencies issue rule clarification after a mortgage lender refused to lend to an individual renting to a group home

Regulation and Compliance
Sep 23, 2021
Fannie Mae Plans To Restart Credit Risk Transfers In 2021

Paused Since March 2020, New CRT Transactions To Begin In October

Regulation and Compliance
Sep 21, 2021
Biden Nominates McCargo To Lead Ginnie Mae

Currently Serves As Senior Advisor For Housing Finance At HUD

Regulation and Compliance
Sep 14, 2021
OCC Plans To Rescind 2020 CRA Rule

The OCC formally issued a proposal to rescind a controversial rule within the Community Reinvestment Act (CRA) that was published in June 2020.

Regulation and Compliance
Sep 10, 2021
CSBS Changes Servicer Liquidity Policy

CSBS And MBA Encourage States To Adopt Consistently

Regulation and Compliance
Sep 08, 2021