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Amid Coronavirus Concerns, Mortgage Payment Assistance Measure Introduced

NationalMortgageProfessional.com
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.

 
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