The White House took to Twitter on Thursday to promote the housing-related benefits included in the $1.9 trillion American Rescue Plan. Here’s what they had to say: Across the country, millions of Americans are struggling to keep a roof over their head. Here’s a breakdown of how the American Rescue Plan will help:— The White House (@WhiteHouse) March 18, 2021 The American Rescue Plan provides more than $21.5 billion in emergency rental assistance to help millions of families keep up on their rent and remain in their homes.— The White House (@WhiteHouse) March 18, 2021 The bill includes $10 billion to help homeowners behind on their mortgage and utility payments — helping avoid foreclosures.— The White House (@WhiteHouse) March 18,…
By Elise Daniel When Vice President Joe Biden entered the White House in 2008, he inherited an economic recession and subprime mortgage crisis in which millions of people lost their homes due to foreclosure. Bank bailouts, stimulus packages, and financial regulation followed. The burning question for lenders in 2021 is: How will President Biden, who’s been around this block before, respond to today’s complex housing market that has been propped up by forbearance and historically low interest rates? Just hours after swearing in, Biden signed an executive order that pushed back the federal eviction moratorium to the end of March. He’s asked Congress to extend the grace period until the end of September and plans to call on the Federal Housing Finance Agency to extend the foreclosure…
President Joe Biden issued an executive order Thursday that increases the percentage of funding the federal government will provide when emergency officials provide housing to people during the Covid-19 pandemic. The order, issued on Biden’s second day in office, increases the Federal Emergency Management Agency’s share of the costs from 75 percent to 100 percent when providing emergency housing during the pandemic. Previously, states or cities would have to pay whatever the federal government did not cover. The change was recommended by the National Low Income Housing Coalition, which had issued a report that said “the resources needed to keep people experiencing homelessness afe during the public health emergency exceed the response capabilities of state and local governments and warrant the full…
President-elect Joe Biden on Monday announced the appointment of Rohit Chopra as the director of the Consumer Financial Protection Bureau, an agency he worked at during the Obama Administration. Chopra, currently a commissioner on the Federal Trade Commission, previously served as associate director of the Consumer Financial Protection Bureau. He led the agency’s work on student loans. Rohit Chapra Chopra was unanimously confirmed by the Senate in 2018 for his role at the FTC, “where he has pushed for aggressive remedies against lawbreaking companies, especially repeat offenders,” according to the Biden transition team’s announcement. “Together with state and international law enforcement partners, he has worked to increase scrutiny of dominant technology firms that pose risks to privacy, national security, and…
President-elect Joe Biden on Thursday officially announced that Ohio Congresswoman Marcia Fudge as the nominee for Secretary of Housing and Urban Development. Fudge, who had wanted to lead the Department of Agriculture, was one of five major appointments unveiled. They include Tom Vilsack (USDA), Denis McDonough (Veterans Affairs), Katherine Tai (US Trade Representative) and Susan Rice (director of White House Policy Council). “This dedicated and distinguished group of public servants will bring the highest level of experience, compassion, and integrity to bear, solving problems and expanding possibilities for the American people in the face of steep challenges,” Biden said. “The roles they will take on are where the rubber meets the road — where competent and crisis-tested governance can make…
President-elect Joe Biden is expected to name Congresswoman Marcia Fudge of Ohio as the Secretary of Housing and Urban Development, according to media reports Tuesday. No official announcement of the appointment has been made, as the Biden team has been leaking cabinet selections to the media in advance of formal announcements a day or so later. Fudge, D-Ohio, had sought to lead the USDA – and even seemed to balk at the idea that she might end up at HUD. She told Politico in November that Black leaders too often are pigeon-holed for only certain cabinet positions, including HUD. As this country becomes more and more diverse, we’re going to have to stop looking at only certain agencies as those that people like me…
House Financial Services Committee Chair Maxine Waters issued a lengthy housing to-do list for President-elect Joe Biden. Waters, D-California, sent a 7,056-word letter to Biden urging him to, among other things: Issue an executive order to prevent evictions.Direct the Department of Housing and Urban Development to “implement a uniform, interim recertification rule that requires PHAs and owners to presume that a tenant’s inability to pay rent has been caused by a loss of income, and as a result would be required to conduct an income recertification.”Preserve the GSE Patch for the duration of the pandemic and re-propose a replacement for the GSE Patch when the housing market has stabilizedFire Consumer Financial Protection Bureau Director Kathy Kraninger.Fire United States Interagency Council on Homelessness…
The Mortgage Bankers Association congratulated former Vice President Joe Biden for his victory in the presidential election, vowing to work with his administration on affordable housing and to assist homeowners impacted by the pandemic. “MBA looks forward to working with President-elect Biden, Vice President-elect Harris, his administration, and the new Congress on the wide variety of issues impacting borrowers, renters, and commercial lenders and property owners,” said Robert D. Broeksmit, President & CEO of the Mortgage Bankers Association. “This includes access to affordable housing for all Americans; helping first-time homebuyers enter the market; assisting owners, renters, and landlords negatively affected by the COVID-19 pandemic; and ensuring liquidity and a level playing field for lenders and borrowers alike.” In February, Biden…
In another sign of the political divide in the United States, 42 percent of Americans say they would be hesitant to move to an area where a majority of people have different political views from their own. That’s according to a new survey conducted this month by Redfin, which found the notion of cocooning increased from 32 percent in June and was the highest share since 2017, when Redfin began asking that survey question. “With political signs lining the front yards of homes across America, house hunters can’t escape the political views of their prospective neighbors,” said Redfin chief economist Daryl Fairweather. “While living among like-minded people is important to many homebuyers, key concerns like affordability and space are more…
President Trump once again warned Americans on Wednesday that the suburbs will be destroyed if former Vice President Joe Biden is elected next month. The President Tweeted, “Biden supports Cory Booker’s Bill that will force low income housing in the Suburbs, which will lower property values and bring crime to your neighborhoods. If Dems win, GOODBYE SUBURBS!” Biden supports Cory Booker’s Bill that will force low income housing in the Suburbs, which will lower property values and bring crime to your neighborhoods. If Dems win, GOODBYE SUBURBS!— Donald J. Trump (@realDonaldTrump) October 7, 2020 Sen. Booker’s HOME Act would require states that receive community development block grants to create “an inclusive zoning strategy” to attract more affordable housing and “create…
