Mortgage Relief Is Only for People Who Have Lost Jobs, Mnuchin Says

[Yo_Mama_Been_Loggin]

Source: Bloomberg

U.S. Treasury Secretary Steven Mnuchin said only homeowners who have lost their jobs because of the coronavirus crisis will qualify for new government programs that let borrowers put off mortgage payments.

“If people don’t have jobs and people have hardships, they can forbear,” Mnuchin said in a CNBC television interview on Wednesday. “If people do have jobs, we expect those people to continue paying mortgages.”

The $2.2 trillion stimulus package signed into law last week lets homeowners and businesses hurt by the pandemic seek temporary relief from monthly mortgage payments. The legislation doesn’t specify how consumers will be required to prove hardship. Mortgage servicers aren’t allowed to demand documentation from homeowners. Those borrowers will simply have to attest that they’re struggling, according to the text of the legislation.

Regulators including the Federal Housing Finance Agency and Department of Housing and Urban Development also have called for forbearance to be offered. FHFA Director Mark Calabria has said that the new rules are not meant to be a “mortgage holiday,” but are put in place only for borrowers who really need it.

Read more: https://www.msn.com/en-us/money/markets/mortgage-relief-is-only-for-people-who-have-lost-jobs-mnuchin-says/ar-BB121CCc?li=BBnbfcN

[jimfields33]

1. Kinda makes sense

I’d imagine every administration would go this route. It’s just this one gets 99 percent wrong that everything is questioned due to their negligence.

[gibraltar72]

2. He also says people should be able to live on 17 dollars a day.

[cstanleytech]

5. Well. in his defense he is an asshole and as we all know shit does come out of them

just like what comes from his mouth.

[Hoyt]

3. Can't really argue with that.

[Liberty Belle]

4. Unreasonable.

What about the person who still has a job but their hours were cut way back?
What about small business owners forced to do takeout only or close down?
What about parents in critical jobs who must now pay for childcare because schools are closed?
What about people who have been hospitalized due to COVID-19 and have big medical bills, or maybe lost pay if they were absent longer than sick leave allows?
Or those who took unpaid leave to care for a sick relative or children at home?
What about independent contractors who have lost all or most of their work, such as freelance musicians and caterers depending on events? Wedding planners? Photographers?

[dawn frenzy adams]

6. FACTS!

Unfortunately, this is what you get when you put millionaires and billionaires in control of government. They don't have a clue about the needs of the working class.

[cstanleytech]

7. It's not that they do not have a clue it's that they do not care.

[Progressive Jones]

8. I think it's both. "Not my problem. I got mine." nt

[cstanleytech]

9. Which is potentially suicidal of them as people will only take so much shit before they lash out

like they did in France a few hundred years ago and it did not turn out well for a lot of the wealthy and powerful there.

[Hoyt]

10. I'm betting a cut back in hours/pay will also be considered a "hardship"

Similar for the self-employed, etc.

[Igel]

11. It's not new.

This was discussed weeks ago.

You contact your mortgage servicing company.

You provide proof of reduced income. That's reduced hours. You're in the hospital and that's reduced income, you have reduced income. You need medical leave because sick leave doesn't cover it, that's reduced income.

Unpaid leave to take care of the sick (or the kids). Don't know. Talk to them.

Small business owners? It's a business. That's a different thing. But still, reduced income.

Take a deep breath. These people don't hate you, just on most days they don't think about you.

Additional bills? Never was included in mortgage. Same for daycare.

Gig people, that was discussed, don't remember. But since you're a small business ...

[Hoyt]

12. Sound of reason. Thanks.

[GulfCoast66]

13. If you haven't lost your job, why do you need protection?

I get small business owners and those with cut hours may get left out. But we aren’t looking at a 2 year issue. By the time verification is done for people that still have an income this will all be over.

What make more sense if an order to suspend foreclosures and delinquency penalties until the virus is past. Nothing short of that will stop big lenders with huge cash reserves from seeing this an an opportunity. Get people who have a significant investment in their home so far in the hole they walk away and allow the lender to take it over only to br sold at obscene profits after this is over. The same thing happened in 09.

[McCamy Taylor]

14. I expect the banking industry to snatch up houses right and left

This is a great opportunity for banksters.

[Hoyt]

16. That's not going to happen this time. First, there are protections. Second, banks and

other mortgage holders don’t want a bunch of repossessed homes, especially when they can’t sell them.

[mahina]

15. Try this one on. How about if you're working more than you ever did before but not only do you not

Get a paycheck because you need to keep your team employed and you can’t afford to take a paycheck yourself but on top of that , you have to put lots of money in from the little you’ve been able to save during your life’s work. So would somebody in that kind of situation be able to file?

Well, the question is have you been working in the answer to that question is yes, I’ve been working my ass off, but no I don’t get paid, I have to pay in.

[greenjar_01]

17. They put a predatory slum lord in charge of mortgage relief?

What a fucking joke the Trump administration is.