Congress has stated that they have made two separate proposals for Americans who have been affected by the Coronavirus Epidemic. Fed discloses that they’re may be a 2nd stimulus bill that will give you $2000 a month, plus mortgage and rent will be canceled for up to one year. Introduced by representative Ilhan Omar Minnesota Democrat, under the Rent and Mortgage Cancellation Act.
Today we’re getting into the 2nd proposal which would call for mortgage payments to be omitted during the covid-19 epidemic. It would focus on the following:
-Rent forgiveness in its entirety for one year.
-Mortgage payment forgiveness on your primary residence.
-There will be no accumulation of debt for renters or homeowners and no negative impact on their credit reports.
If you have already made mortgage payments due for April 1st, you will be back paid or reimbursed, as the bill will be retroactive to March 13 2020 so you will get that month’s rent/mortgage back if this bill is passed. You will not, however, be able to use this income for more than one property. You will have to include the primary residence that you live in to receive the mortgage forgiveness.
Landlords and mortgage companies will also be covered by the department of housing and urban development. The Development of Housing and Urban development would create a fund for landlords to be insured on the rental and mortgage payments that have been missed by tenants. “The Rent and Mortgage Cancellation Act offers the only solution that can meet scale and depth of our immediate needs to housing, and establish a new framework for long term recovery.” Ro Khanna
I don’t know where the government would get all the money to do all of this.
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There just printing money away, and then after everything is said and done, I suspect Inflation will be through the roof.
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Or we will be more beholden to China.
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“China is a sleeping giant. Let her lie and sleep, for when she awakens she will astonish the world.”
– Napoleon
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Well the government can use the power of inflation to burn some old good debt it has and thus increase spending by printing more money.
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Would this be beneficial in the long run?
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If they manage to get some positive growth to overcome the debt level increase it might be
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