Regulation and Compliance

House Democrats Propose $3 Trillion Coronavirus Bill: $75 Billion For Housing

May 12, 2020
Photo credit: Getty Images/dkfielding

On Tuesday, House Democrats introduced the Health and Economic Recovery Omnibus Emergency Solutions Act or ‘‘HEROES Act." It's a 1,815-page piece of legislation geared toward additional COVID-19 relief with an estimated $3 trillion total price tag.
 
Key to the housing industry is $75 billion marked for housing assistance. According to the bill, this assistance will “address the ongoing needs of homeowners struggling to afford their housing due directly or indirectly to the impacts of the pandemic by providing direct assistance with mortgage payments, property taxes, property insurance, utilities, and other housing related costs.”
 
CNN reports that Republican U.S. Sen. Lindsey Graham (R-South Carolina) said the HEROES Act has no shot at Senate passage. “It’s got so much unrelated to coronavirus, it’s dead on arrival here,” said Graham.
 
In late April, President Trump signed the latest $484 billion stimulus package into law, aimed at boosting the nation’s small business sector that was impacted by the coronavirus pandemic.
 
About the author
NationalMortgageProfessional.com
Link copied
Published
May 12, 2020
Get the NMP Daily
Analysis and Data
Renters Don't See Homeownership In Their Future

Redfin report shows less renter confidence from a year ago

Confidence among one particular group of prospective homebuyers has dropped by 11% over the last year. That would be renters, of whom nearly two in five (38%) in the U.S. don’t believe they’ll ever own a home, according to Redfin. That’s up from roughly one-quarter (27%) ...

Continue reading
Analysis and Data
Lock-In Effect Shows Signs of Easing

Realtor.com's survey shows fewer prospective sellers feel locked in by their low interest rate.

Realtor.com’s headline “The Best Time To Sell is Here,” may sound like wishful thinking, but a new survey from the real estate marketplace shows 85% of homeowners have been anxiously waiting on the sidelines, waiting to sell for one to three years. In 2024, the golden handcu...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Regulation and Compliance
In Wake Of NAR Settlement, Dual Licensing Carries RESPA, Steering Risks

With the NAR settlement pending approval, lenders hot to hire buyers' agents ought to closely consider all the risks.

Regulation and Compliance
Apr 11, 2024
A California CRA Law Undercuts Itself

Who pays when compliance costs increase? Borrowers.

Regulation and Compliance
Apr 11, 2024
CFPB Weighs Title Insurance Changes

The agency considers a proposal that would prevent home lenders from passing on title insurance costs to home buyers.

Regulation and Compliance
Apr 10, 2024
Fannie Mae Weeds Out "Prohibited or Subjective" Appraisal Language

The overall occurrence rate for these violations has gone down, Fannie Mae reports.

Regulation and Compliance
Apr 10, 2024
Arizona Bans NTRAPS, Following Other States

ALTA on a war path to ban the "predatory practice of filing unfair real estate fee agreements in property records."

Regulation and Compliance
Apr 04, 2024
Kentucky Legislature Passes Bill Banning NTRAPS

The new law prohibits the recording of NTRAPS in property records, creates penalties if NTRAPS are recorded, and provides for the removal of NTRAPS currently in place.

Regulation and Compliance
Apr 03, 2024