It is absolutely critical for the well-being of families, communities and the economy that homes are protected. Congress needs to enact measures to protect homeowners and renters, including the following mortgage protections, which our organizations have been advocating:
“We urge you to include these mortgage provisions in the next COVID-19 relief legislation. They will provide homeowners the temporary relief they need to get back on their feet and successfully rebuild their lives.”
Yesterday, HUD finalized a new AFFH rule that is completely contrary to the intent of the AFFH mandate. Instead of furthering fair housing, the rule effectively eliminates a critical tool for addressing discrimination and segregation in our communities.
AFR Ed Fund and 59 other organizations sent a letter to FHFA, Fannie Mae, and Freddie Mac asking them to provide ways for tenants to be able to determine whether their homes qualify for additional protections as a result of their landlord’s forbearance so that they can plan accordingly and protect themselves from eviction and other consequences.
The following organizations have made this important information available in Spanish, Korean, Chinese, Vietnamese, Bangla and English: AFR Language Access Task Force, Americans for Financial Reform Education Fund, Center for Responsible Lending, Consumer Action, Empire Justice Center, National CAPACD, National Consumer Law Center, National Fair Housing Alliance, and UnidosUS.
Now, with 26 million workers unemployed and countless businesses closing indefinitely, private equity firms are salivating at the potential business opportunities that might arise from the expected economic fallout. Unless we take immediate action to prevent it, private equity firms will take advantage of this unprecedented crisis to make even greater asset grabs.
“Coronavirus distress is the ‘opportunity of the century’ for real estate investors,” according to a recent headline in The Real Deal, a New York real estate news publication. The article quotes Meridian Capital Group’s David Schechtman saying “But I will tell you, real-estate investors — when you take the emotion out of it — many of them have been waiting for this for a decade.”
Americans for Financial Reform released a set of financial policy recommendations for Congress to fix the problems and loopholes in the CARES Act, to further protect and support individuals, families and communities in the face of this crisis, and to lay the groundwork for an equitable and sustainable economic recovery.