Adam Constantine on MLK Jr.’s impact on housing equality

During the interview, Constantine explains why the industry needs to focus on evoking intentional change rather than launching lackluster initiatives.

Navigating capacity concerns amidst record-high volumes

High loan volumes continues to loom large in the new year, making the “one-stop-shop” approach to the servicing and lending process even more appealing.

How servicers continue to protect neighborhoods amid COVID

We spoke with MCS CEO Caroline Reaves about self-service technology, the shift to virtual and how servicers can prepare for post-COVID success by improving processes today.

How student loan debt impact homeownership

Student loan expert Catalina Kaiyoorawongs shares her practical and tangible advice for people who feel overwhelmed by their student loan debt.

CoronavirusPolitics & Money

How the latest stimulus impacts renters and homeowners

Eviction moratorium date extended as bill earmarks aid for housing relief

A second round of stimulus checks will be sent directly to consumers beginning next week, according to Treasury Secretary Steven Mnuchin.

The $900 billion stimulus package negotiated by Congress over the weekend will include $600 individual stimulus checks for those making under $75,000, $300 a week of extra unemployment benefits, federal food and rent relief, and money for schools and small businesses through the Paycheck Protection Program.

The relief package comes nine months after the CARES Act was enacted in March, which provided payments of $1,200 per adult and $500 per child to combat the COVID-19 pandemic that left millions jobless.

House Speaker Nancy Pelosi (D-CA) said that rent relief, specifically, will amount to approximately $25 billion of the second bill. The bill must still be passed by both houses of Congress.

The most common form of assistance for renters during the pandemic, according to the National Association of Realtors (NAR), was from landlords allowing tenants to miss months worth of rent payments. Landlords offered rent payment options to 64% of respondents, while 36% said they weren’t offered anything, the trade group said.


How to gain more listing visibility in a shifting housing market

As real estate professionals strategize on how to do business in 2021’s competitive, fast-paced housing market, they’ll discover the need for better tools to market their listings. Learn how brokers and agents are growing listing visibility among rental properties, attracting more clients in the new year.

Presented by: Apartments.com

According to the Weekly Housing Market Monitor from the NAR, 95% of median rent was paid in the second quarter of 2020, despite record amounts of people applying for unemployment.

The bill comes as Americans were also set to lose access to expanded and extended unemployment benefits earmarked for expiration shortly after Christmas. An eviction moratorium was also set to expire on Dec. 31. The latest bill pushed back the eviction moratorium to Jan. 31.

For homeowners who are having trouble making mortgage payments, forbearance rules are still in effect as part of the CARES Act. Regulators haven’t determined when loans backed by Fannie Mae or Freddie Mac will wind down forbearance. Homeowners with loans insured by the Federal Housing Administration are being asked to contact their servicer and request forbearance before Dec. 31.

Senate Majority Leader Mitch McConnell (R-KY) tweeted the announcement of the second bill, saying it comes at an important time for Americans during the holiday season.

“As the American people continue battling the coronavirus this holiday season, they will not be on their own,” he tweeted. “Congress has just reached an agreement. We will pass another rescue package ASAP. More help is on the way.”

McConnell has been under fire for months, and on Sunday, Rep. Ayanna Pressley (D-Mass.) told CNN the second checks were for survival, not stimulus.

“This is about basic needs, about families needing to remain safely housed, about purchasing diapers and formula, inhalers, insulin,” Pressley said. “And the truth of the matter is $600 will not even cover a month’s rent.”

Pressley is joined by other Democrat members of Congress who pushed for larger relief checks – closer to the $1,200 sent out in March – for citizens who are still struggling to pay rent, are behind on mortgages, or have accrued massive credit card debts in the past nine months.

“Six hundred dollars is hardly sufficient,” Pressley said on the floor of Congress last week.

But many Republic members of Congress blame Pelosi for the delay, saying a second bill would have been passed much earlier in 2020 if not for the Speaker’s slow actions.

“This COVID relief is good news for thousands of small businesses and workers who have hung on,” tweeted House Minority Leader Kevin McCarthy (R-CA). “But the truth is Congress could have done this deal months ago. Nancy Pelosi is the only reason it didn’t happen sooner. While Americans lost paychecks, she continued to collect hers.”

The bill also requires a signature from President Donald Trump.

We also covered this topic in our HousingWire Daily podcast. Listen here.

Leave a comment

Most Popular Articles

CFPB Director Kathy Kraninger resigns at Biden’s request

Consumer Financial Protection Bureau Director Kathy Kraninger announced Wednesday she is resigning from her post at the request of President Joe Biden’s administration.

Jan 20, 2021 By

Latest Articles

HousingWire Lead Analyst featured on Bloomberg Radio

Logan Mohtashami doesn’t think rising home prices will lead to a market crash. Listen to his interview on Bloomberg Radio hosted by Paul Sweeney and Vonnie Quinn.

Jan 23, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please