The coronavirus pandemic has been a nightmare for the United States, and not only because we had hundreds of thousands of Americans die from this deadly illness but also because of the devastating blow to the economy.
This has been an incredibly tough time for Americans financially. A great many of our industries rely on people gathering together with disposable income. Obviously, with a highly contagious virus, there is a greatly reduced desire to be in bars and sports arenas, elbow to elbow with other revelers.
So, in order to try to offset this economic downturn, the US government is providing relief where they can. This could come in the form of direct payments, or perhaps enhanced unemployment benefits.
Or, in the case of this week’s latest maneuver by the Biden administration, it could come in the form of mortgage assistance.
The Biden administration announced Tuesday that it would extend the foreclosure moratorium and mortgage forbearance through the end of June.
The actions would block home foreclosures and offer delayed mortgage payments until July, as well as offer six months of additional mortgage forbearance for those who enroll on or before June 30.
The actions are an extension of an order that was originally enacted under the Trump administration in March of last year. President Joe Biden — as one of 17 orders he signed on his first day in office — initially extended the eviction and foreclosure moratoriums through the end of March.
The administration stated that 2.7 million mortgage customers have taken advantage of the program, out of a potential figure of up to 11 million who were eligible.
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