FHFA Moves to Provide Eviction Suspension Relief for Renters
Fannie Mae and Freddie Mac will offer multifamily property owners mortgage forbearance if they suspend all evictions for renters unable to pay rent due to coronavirus, the Federal Housing Finance Agency announced Monday.
The forbearance is available to all multifamily properties with a Fannie Mae or Freddie Mac-backed performing multifamily mortgage that is negatively affected by the coronavirus national emergency.
FHFA said eviction suspension will remain in place as long as the property owner remains in forbearance.
“Renters should not have to worry about being evicted from their home and property owners should not have to worry about losing their building due to the coronavirus,” said FHFA Director Mark Calabria. “The multifamily forbearance and eviction suspension offered by the enterprises should bring peace of mind to millions of families during this uncertain and difficult time.”
Calabria said Fannie Mae and Freddie Mac are working with mortgage servicers to ensure these programs are implemented immediately so property owners and renters experiencing hardship due to coronavirus can get assistance.
FHFA has already taken other actions announced to ensure the enterprises fulfill their missions during the coronavirus national emergency. Its other actions include:
–Suspending foreclosures and evictions for enterprise-backed single-family mortgages at least 60 days;
–Forbearance for enterprise-backed single-family borrowers facing hardship due to coronavirus; and
–Flexibilities for appraisal and employment verifications for single-family homes.
FHFA noted it will continue to monitor the impact of the coronavirus national emergency on the housing finance market and update its policies as necessary.
Fannie Mae Federal Housing Finance Agency FHFA Forbearance Freddie Mac Mark Calabria