Latest $3 Trillion Coronavirus Relief Measure Passes The House
May 16, 2020
Late Friday, the Health and Economic Recovery Omnibus Emergency Solutions Act or ‘‘HEROES Act" passed the House of Representatives. According to the act, the $3 trillion relief package includes $75 billion to “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.”
The 1,815-page HEROES Act passed the House by a narrow 208-199 vote with 14 Democrats opposing it and one Republican supporting it. The bill moves on to the Senate next, where it is expected to be met with opposition. “Forget about this $3 trillion left-wing wish list that even House Democrats are criticizing,” Senate Majority Leader Mitch McConnell tweeted. President Trump has also declared it "dead on arrival," according to published reports.
“The Mortgage Bankers Association acknowledges the House passage of the HEROES Act, particularly Division K of the bill that contains several key provisions impacting homeowners and renters across our nation,” said MBA President and CEO Robert D. Broeksmit, CMB. “We are grateful that the bill would direct the Federal Reserve credit facility authority enacted under the CARES Act to be utilized, as needed, by mortgage servicers and residential rental property owners. This would allow them to more smoothly implement the unprecedented, but well warranted, forbearance and eviction moratorium requirements established earlier this year.”
As noted by Broeksmit, Division K of the HEROES Act establishes a Homeowner Assistance Fund at the Department of the Treasury for the purpose of preventing homeowner mortgage defaults, foreclosures, and displacements of individuals and families experiencing financial hardship after Jan. 21, 2020.
“We are also grateful for the bill’s provisions that would set the marker for further discussions on additional direct rental and homeowner relief,” added Broeksmit. “We look forward to working with leaders in both parties of the Senate and House–and within the administration–as discussions progress on this debate.”
In addition to the measures that will address housing amid the COVID-19 outbreak, the HEROES Act will dedicate hundreds of billions of dollars for medical equipment and coronavirus testing, additional funds for individuals and families and increased unemployment insurance benefits.
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