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The effects of the COVID-19 are still rearing across the nation and its impact on the mortgage industry and borrowers has been dreadful. As time moves on, the threat of foreclosure is still there for many families, despite the number of forbearance and deferral programs that have been developed. Rachel Bratt, a professor emerita at Tufts University and a senior research fellow at the Joint Center for Housing Studies of Harvard University, shared what she believes the U.S. Department of Housing & Urban Development (HUD) and the Federal Housing Finance Association (FHFA) should be doing to protect homeowner and tenant needs in a recent op-ed in the Boston Globe.
Bratt stated that the two aformentioned agencies should be advocating more policies and programs to ensure that homeowners and tenants are able to stay in their homes.
"Together, these agencies need to serve as a moral compass in directing private-sector actions and procedures that ensure that consumer needs are viewed as a priority, while safeguarding the safety and soundness of the financial system," said Bratt in her piece.
Some of the programs suggested by Bratt include pincipal debt forgiveness, foreclosure-to-rental-to-ownership and more.