President Joe Biden directed federal housing regulators to extend mortgage forbearance programs for an additional six months and prolong foreclosure relief programs on Tuesday in a move that will cover an estimated 70% of mortgages for single-family homes in the U.S.
As the latest Covid-19 relief package continues to make its way through the Congressional legislative process, Biden ordered the Department of Housing and Urban Development, Department of Veterans Affairs and Department of Agriculture to extend their foreclosure moratoriums and forbearance programs.
Specifically, the regulators are set to:
- Extend the ban on foreclosures through June 2021.
- Allow homeowners to enroll in mortgage…