President Joe Biden's administration announced on Tuesday that it would extend a federal moratorium on home foreclosures and foreclosure relief programs for homeowners through June.
The proportion of homeowners postponing mortgage payments had been falling steadily from June to November, an indication that people were returning to work and the economy was beginning to recover. But the decrease has largely flattened since November, when the current wave of coronavirus cases surged in communities across the country.
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January 22, 2021 1:22 PM Natalie Campisi - Forbes Advisor
Posted:
Updated:
January 25, 2021 6:18 AM
President Joe Biden is no stranger to severe housing problems. When he became vice president in 2009 under the Obama administration, he inherited a massive subprime mortgage crisis that caused millions of people to lose their homes through foreclosure while trillions of dollars of equity disappeared.
The housing crisis was the country’s worst piñata, filled with sloppy and predatory lending, expensive adjustable-rate mortgages, an oversupply of housing and lack of government oversight. And when it was finally split open, it exposed a rotten system that needed an overhaul.