Landlords may be allowed to fall behind on their mortgage payments amid the coronavirus outbreak in return for not kicking renters out of apartments.
Many California businesses have shuttered to limit the spread of the coronavirus, but construction continues after being deemed essential.
“Renters should not have to worry about being evicted from their home, and property owners should not have to worry about losing their building,” FHFA Director Mark Calabria said in the statement. “The multifamily forbearance and eviction suspension offered by the enterprises should bring peace of mind to millions of families.”Fannie and Freddie, which are regulated by the FHFA, don’t make loans. Instead, they buy mortgages from banks and other lenders and package them into securities.
The FHFA announced earlier this month that Fannie and Freddie would provide payment forbearance for single-family residences provided that borrowers could demonstrate financial hardship from the spread of the novel coronavirus. Such forbearance could allow monthly mortgage payments to be suspended for as long as a year.
Fannie and Freddie, which backstop about $5 trillion of mortgages, have also halted foreclosures for 60 days under orders from the FHFA.
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