Should, or can, the government demand that all mortgages/rents cease for the next 3 months?

[Yavin4]

Is this something that should be done, or even can be, done?

[Nululu]

1. Yes

They can and should provide this relief to help business owners and renters get relief. Banks were bailed out before and it's time to pay it forward.

They should also suspend credit card late fees, suspend payments, and cap interest rates.

[Iwasthere]

2. I've been asking the same question

I think it would help the economy dramatically. As Pelosi stated, "Bubble up".

[Jirel]

3. Yes, and yes.

First, the government has already done it to the extent it can federally, but not for long (end of April). They can demand no foreclosures or evictions in a building/home that is on a mortgage secured federally. That's the majority of buildings and homes. But without that hook, they can't.

STATE and LOCAL courts can help with the rest. Courts that handle foreclosures and mortgages can be shut down. Police can be ordered to not enforce. There are also other ways to help work this.

Here's an article on the federal action on this, and how it works:
https://www.politico.com/news/2020/03/18/hud-suspends-foreclosures-evictions-coronavirus-135783

An article of how it's being done locally:
https://www.citylab.com/equity/2020/03/covid-19-housing-security-eviction-utility-shut-off-mortgage/607951/

[Flaleftist]

4. I think a blanket extension for everyone is a good idea.

Even people who didn't lose their jobs may need to help friends and family who did, or rely on rent they pay and can no longer afford to for renting a room in their house.

[Hoyt]

5. For federally backed mortgages, they have pretty much done that and for a longer period.

https://www.cnbc.com/2020/04/01/coronavirus-pandemic-spurs-mortgage-help-but-whats-offered-can-vary.html


Rent is a little tougher because there are a lot of low income people -- who rent out rooms or a house -- who depend on that rent money. Not saying it shouldn't be done, but it's more of an issue.

[customerserviceguy]

10. Quite true

Not all landlords are rich, greedy pigs. When I did taxes in the 1980's, I had a few clients who had rental properties that catered to low-income tenants. Most of them had losses before depreciation deductions, at least in the early 80's.

[Sherman A1]

6. Yes

[crickets]

7. K&R for the post and the discussion.

[Merlot]

8. Are they also going to demand all insurance, maintenance,

garbage, sewer, water fees cease as well?

[Yavin4]

9. Yes.

Why not? Given the unemployment rate, those fees will cease any way.