On Friday, April 17, Rep. Ilhan Omar (D-MN) introduced a bill that would essentially cancel rent and mortgage as the Coronavirus continues to wage its war on the nation. After unveiling the bill, a poll from Data for Progress found that 55% of Americans are in favor of the bill, with only 33% in opposition.
Rep. Omar is proposing that with her bill, mortgage payments can be cancelled and mortgage holders will be eligible to apply to have losses covered by the a U.S. Department of Housing and Urban Development-operated Home Lenders Relief Fund.
Data for Progress released its poll questioning whether the current methods of forbearance and deferrals are enough for homeowners struggling through the COVID-19 pandemic, according to Salon.
"We need to keep money in the pockets of working people in this country and a moratorium on rent and evictions is a major step in the right direction," said Justice Democrats executive director Alexandra Rojas.
"The focus of additional COVID-19 emergency relief packages should match the scale of the crisis that millions of Americans are facing."
Addressing the racial homeownership gap and recommending industry-wide solutions
The overall homeownership rate across the US stands at 66%, with notable differences among racial and ethnic groups. New American Funding (NAF), the largest Latina-owned mortgage company in the U.S., is taking steps to close that homeownership gap by addressing systemic obst...
The slowdown comes at the same time that the Federal Reserve's efforts to combat inflation have halted.
Real gross domestic product (GDP) increased at an annual rate of 1.6% in the first quarter of 2024, according to the "advance" estimate released by the Bureau of Economic Analysis (BEA) today. In the fourth quarter of 2023, real GDP, a broad measure of goods and services pro...