The Federal Housing Finance Agency announced plans that aim to protect landlords and tenants during the COVID-19 crisis.
The move orders government-run Fannie Mae and Freddie Mac mortgage companies to provide mortgage forbearance to any landlord “negatively affected by the coronavirus national emergency.”
However, the option to utilize the line of support rests on the individual landlord. Per the Wall Street Journal, “While the move provides a measure of relief to building owners across the country, it will only protect renters from evictions if their landlord asks for the forbearance.”
Financially strapped apartment landlords with government-backed mortgages can avoid foreclosure if they don’t evict tenants, the Federal Housing Finance Agency said Monday. The order applies to the Fannie Mae and Freddie Mac mortgage companies, which will extend mortgage forbearance to any landlord “negatively affected by the coronavirus national emergency,” according to the agency.