- Banned
- #1
Coronavirus: Rep. Ilhan Omar proposes cancellation of rent, mortgage payments through pandemic
Rep. Ilhan Omar has introduced a bill in the U.S. House calling for a nationwide cancellation of rent and mortgage payments until the coronavirus pandemic is over.
www.whio.com
Rep. Ilhan Omar, D-Minnesota, introduced a bill in the U.S. House calling for a nationwide cancellation of rent and mortgage payments until the coronavirus pandemic has ended.
As far as home mortgages go, these can be bumped up and the full payment can still be made. Banks will still get the money in the end. Rent is a little different. A regular guy with a couple houses that he rents out can't just sacrifice the money so it's not just a one size fits all solution. He may be paying mortgages on those properties, as well as utilities.
A fund administered by the Department of Housing and Urban Development would pay landlords and mortgage lenders for the rent and mortgage payments. Landlords and lenders would have to agree to a number of fair and inclusive lending terms for a period of five years, including:
- Yearly reporting of detailed lending data delineated by race, ethnicity, zip code, age, credit score, interest rates and other loan pricing features.
- Lenders submitting yearly detailed data on their office locations, outreach practices and their referral systems.
- If the conditions are violated, the federal government can seek to recoup the funding.
They want to administer another level of bureaucracy that will last for years.
Are we going to do this for next year's flu season? Most of us know this whole thing was complete bullshit anyway.
.