{"id":601291,"date":"2021-07-23T14:50:50","date_gmt":"2021-07-23T18:50:50","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=601291"},"modified":"2021-07-23T14:50:53","modified_gmt":"2021-07-23T18:50:53","slug":"biden-unveils-equitable-reduction-of-government-backed-mortgage-payments","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-unveils-equitable-reduction-of-government-backed-mortgage-payments\/","title":{"rendered":"Biden Unveils \u2018Equitable\u2019 Reduction Of Government-Backed Mortgage Payments"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-unveils-equitable-reduction-of-government-backed-mortgage-payments%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=601291&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/F77230FF-D4BC-43B1-B3A0-A954D8CBBC7A_1_201_a.jpeg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p><span>The Biden administration will provide options to help homeowners struggling to pay back their government-owned mortgages.<\/span><\/p>\n<p><span>The policies will offer Americans the option of lowering their monthly home payment, to be repaid at a later date.<\/span><\/p>\n<p><span>According to a <\/span><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2021\/07\/23\/fact-sheet-biden-administration-announces-additional-actions-to-prevent-foreclosures\/\"><span>White House<\/span><\/a><span> fact sheet:<\/span><\/p>\n<blockquote readability=\"19\">\n<p><i><span>In order to ensure a stable and equitable recovery from the disruptions of the COVID-19 pandemic and prepare for homeowners to exit mortgage forbearance, the Biden-Harris Administration is taking action to keep Americans in their homes and support a return to a more stable housing market.<\/span><\/i><\/p>\n<p><i><span>Many homeowners will need deeper assistance due to pandemic-related income loss. For example, due to the economic crisis caused by the pandemic, some homeowners are earning less than they were before the pandemic. Homeowners with government-backed mortgages that have been negatively impacted by the pandemic will now receive enhanced assistance, especially if they are looking for work, re-training, having trouble catching up on back taxes and insurance, or are continuing to experience hardship for another reason.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>The Department of Housing and Urban Development, Department of Veterans Affairs, and Department of Agriculture will therefore offer a 25% reduction in monthly principal and interest payments. The policy will \u201cbring federal agency options closer in alignment with payment reduction and loan modification options\u201d for borrowers with government-backed corporations Fannie Mae and Freddie Mac.&nbsp;<\/span><\/p>\n<p><span>Borrowers will be able to lump payments into a non-interest-bearing \u201cballoon,\u201d which can be paid when the borrower \u201csells or refinances the property.\u201d<\/span><\/p>\n<p><span>The Biden administration\u2019s announcement comes as the American housing demand witnesses record growth. <\/span><a href=\"https:\/\/www.foxbusiness.com\/economy\/biden-administration-foreclosure-relief-july\"><span>Fox Business<\/span><\/a><span> explains:<\/span><\/p>\n<blockquote readability=\"12\">\n<p><i><span>As the economy continues to rebound from the pandemic and subsequent lockdown measures, administration officials have closely monitored the housing market, which has seen home prices skyrocket in recent months. At the same time, millions of mortgage borrowers are still not out of the woods from the worst economic downturn in decades, raising fears that the market could simultaneously see a housing boom and a housing crisis.&nbsp;<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>In order to increase the money supply and thereby stimulate the United States economy, the Federal Reserve is presently buying $40 billion in mortgage-backed securities every month \u2014 a move that is <\/span><a href=\"https:\/\/www.dailywire.com\/news\/how-the-government-is-distorting-the-housing-market\"><span>supporting<\/span><\/a><span> high demand for homes \u2014 in addition to $80 billion in other asset purchases.<\/span><\/p>\n<p><span>Fed Chair Jerome Powell confirmed to Congress during a recent <\/span><a href=\"https:\/\/www.dailywire.com\/news\/watch-powell-admits-that-fed-policies-are-behind-high-home-prices\"><span>hearing<\/span><\/a><span> that the central bank\u2019s mortgage purchases are \u201csomewhat more supportive of housing\u201d than other asset purchases \u2014 although that is \u201cnot their intent.\u201d<\/span><\/p>\n<p><span>\u201cReally, the larger point is that monetary policy is supporting this,\u201d he told Sen. Pat Toomey (R-PA). \u201cThat\u2019s a discussion we\u2019re going to be having on an ongoing basis.\u201d<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration will provide options to help homeowners struggling to pay back their government-owned mortgages.The policies will offer Americans the option of lowering their monthly home payment, to be &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-601291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/601291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=601291"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/601291\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=601291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=601291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=601291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}