September 17, 2021

MP Now News

Mortgage News

How the Biden administration is addressing mounting housing insecurity

Marcia Fudge:

I’m so glad you asked me about this, Yamiche, because you need to think about it. It didn’t just start with the pandemic. People of color, blacks and browns with low incomes have been living with it for a very, very long time. It didn’t just start. But the good thing about this administration is that the President asked us to look at everything through the eyes of equity.

So some of the things we do are the ones that have FHA mortgages. We have already extended the eviction or foreclosure moratorium to them, which we assist in modifying mortgages. We speak to mortgage service providers.

We’re doing everything we can as an agency to make sure people stay in their homes. We talked. With our landlords about how to avoid foreclosure, we speak to the courts about how we can help keep people in their homes once they are in the eviction process. So we’re doing everything we can, but that’s not new.

25 percent of black tenants today believe that they are already behind on their rent. But that’s not new. I keep saying it. It’s not – it’s what we live with every day.

It is – we are the people who bear the brunt of this entire crisis. We are the frontline workers. You know, we are the most important workers. We are people who live in dense communities. That’s not new.