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| Racing to Head Off Evictions and Foreclosures | Racing to Head Off Evictions and Foreclosures |
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| The financial shock from the coronavirus pandemic threatens the housing security of millions of Americans, prompting federal, state and local officials — and even judges and the police — to move quickly to ward off foreclosures and evictions. | The financial shock from the coronavirus pandemic threatens the housing security of millions of Americans, prompting federal, state and local officials — and even judges and the police — to move quickly to ward off foreclosures and evictions. |
| On Wednesday, the federal agency overseeing Fannie Mae and Freddie Mac, the giant government-run finance firms that back the mortgages of 28 million homeowners, ordered a suspension of foreclosures and foreclosure-related evictions for at least two months. The move is meant to keep people in their homes and avoid a housing squeeze like the one that followed the mortgage-fueled financial crisis of 2008. | On Wednesday, the federal agency overseeing Fannie Mae and Freddie Mac, the giant government-run finance firms that back the mortgages of 28 million homeowners, ordered a suspension of foreclosures and foreclosure-related evictions for at least two months. The move is meant to keep people in their homes and avoid a housing squeeze like the one that followed the mortgage-fueled financial crisis of 2008. |
| And over the past week, there has been a groundswell across the country to protect renters as well. The Miami-Dade police in Florida said they wouldn’t carry out evictions during the health crisis. A high-ranking New York State judge declared that the courts would consider no eviction cases until further notice. Gov. Gavin Newsom of California issued an executive order allowing cities to impose eviction moratoriums. | And over the past week, there has been a groundswell across the country to protect renters as well. The Miami-Dade police in Florida said they wouldn’t carry out evictions during the health crisis. A high-ranking New York State judge declared that the courts would consider no eviction cases until further notice. Gov. Gavin Newsom of California issued an executive order allowing cities to impose eviction moratoriums. |
| There have been so many announcements that the National Low Income Housing Coalition, a nonprofit advocacy group in Washington, set up a website to track them. | There have been so many announcements that the National Low Income Housing Coalition, a nonprofit advocacy group in Washington, set up a website to track them. |
| “The very least policymakers can do during a national health emergency is ensure that more people are not pushed into homelessness through evictions or foreclosures, particularly when our collective protection against the spread of the illness depends on our ability to self-isolate at home,” Diane Yentel, the group’s chief executive, said in an interview. | “The very least policymakers can do during a national health emergency is ensure that more people are not pushed into homelessness through evictions or foreclosures, particularly when our collective protection against the spread of the illness depends on our ability to self-isolate at home,” Diane Yentel, the group’s chief executive, said in an interview. |
| “Now more than ever,” she added, “housing is health care.” | “Now more than ever,” she added, “housing is health care.” |
| The two main trade groups for the apartment industry, the National Multifamily Housing Council and the National Apartment Association, sent a letter to members of Congress calling for rental assistance for tenants and income support for property owners to be part of any coronavirus aid package. | The two main trade groups for the apartment industry, the National Multifamily Housing Council and the National Apartment Association, sent a letter to members of Congress calling for rental assistance for tenants and income support for property owners to be part of any coronavirus aid package. |
| “Hundreds of thousands of workers are being furloughed right now; we are all concerned about their ability to meet any kind of payment,” said Douglas M. Bibby, president of the National Multifamily Housing Council, in an interview. “That’s why we’re working with lawmakers to get emergency assistance for renters.” | “Hundreds of thousands of workers are being furloughed right now; we are all concerned about their ability to meet any kind of payment,” said Douglas M. Bibby, president of the National Multifamily Housing Council, in an interview. “That’s why we’re working with lawmakers to get emergency assistance for renters.” |
| A reprieve for some renters may be in the works at the federal level. President Trump suggested Wednesday that the Department of Housing and Urban Development would suspend evictions of those in public housing for 60 days, though Housing Secretary Ben Carson said later on Twitter that it was a goal being discussed with Congress. | A reprieve for some renters may be in the works at the federal level. President Trump suggested Wednesday that the Department of Housing and Urban Development would suspend evictions of those in public housing for 60 days, though Housing Secretary Ben Carson said later on Twitter that it was a goal being discussed with Congress. |
| About 44 million American households rent their homes, and many were struggling long before the new coronavirus emerged. In 2018, close to half of renters spent more than a third of their income on rent, while a quarter spent more than half, according to a report released in January by Harvard’s Joint Center for Housing Studies. | About 44 million American households rent their homes, and many were struggling long before the new coronavirus emerged. In 2018, close to half of renters spent more than a third of their income on rent, while a quarter spent more than half, according to a report released in January by Harvard’s Joint Center for Housing Studies. |
| Anticipating a wave of late payments, Jason Hill, chief executive of R.G. Hill & Company, which owns and manages about 1,000 apartments in Northern California, said his company was already preparing to waive late fees and halt evictions for lack of payment. For now, he said, it’s not clear what the extent of the damage will be because the most severe economic fallout happened last week, in the middle of the month, though he assumes it could be bad. | Anticipating a wave of late payments, Jason Hill, chief executive of R.G. Hill & Company, which owns and manages about 1,000 apartments in Northern California, said his company was already preparing to waive late fees and halt evictions for lack of payment. For now, he said, it’s not clear what the extent of the damage will be because the most severe economic fallout happened last week, in the middle of the month, though he assumes it could be bad. |
| “The vast majority of people in society live paycheck to paycheck, regardless of socioeconomic class, and the economy has come to a complete halt,” he said. | “The vast majority of people in society live paycheck to paycheck, regardless of socioeconomic class, and the economy has come to a complete halt,” he said. |
| For renters like Ian Browning and his wife, the question isn’t when they will fall behind on their rent but what happens — and where they go — when they do. Mr. Browning, who lives in Brooklyn, manages a restaurant that is closing indefinitely. His wife, a hairdresser, is also gearing up for months with little or no income. | For renters like Ian Browning and his wife, the question isn’t when they will fall behind on their rent but what happens — and where they go — when they do. Mr. Browning, who lives in Brooklyn, manages a restaurant that is closing indefinitely. His wife, a hairdresser, is also gearing up for months with little or no income. |
| They have two small children, pay $1,900 a month in rent and have a savings account that will cover one month of bills. The couple are in deep trouble — for which Mr. Browning used an unprintable term — “and have no idea what will happen,” he said. | They have two small children, pay $1,900 a month in rent and have a savings account that will cover one month of bills. The couple are in deep trouble — for which Mr. Browning used an unprintable term — “and have no idea what will happen,” he said. |
| A pronounced slowdown in rent and mortgage payments will have a cascading effect on apartment companies, employees like building superintendents and janitors, and finally state and local government revenues: Money that renters pay landlords goes to mortgage payments and property taxes, along with utilities and other public services. | A pronounced slowdown in rent and mortgage payments will have a cascading effect on apartment companies, employees like building superintendents and janitors, and finally state and local government revenues: Money that renters pay landlords goes to mortgage payments and property taxes, along with utilities and other public services. |
| Members of the Mortgage Bankers Association, a trade group, and other housing-industry figures began telling White House officials this week that the home lending system was on the verge of a crisis that the government needed to head off. They said many homeowners couldn’t miss one or two paychecks before defaulting on their mortgages, according to two people familiar with the talks. | Members of the Mortgage Bankers Association, a trade group, and other housing-industry figures began telling White House officials this week that the home lending system was on the verge of a crisis that the government needed to head off. They said many homeowners couldn’t miss one or two paychecks before defaulting on their mortgages, according to two people familiar with the talks. |
| Action to shield those with federally backed mortgages came on two fronts Wednesday: from the Federal Housing Finance Agency — the main regulator for Fannie and Freddie, which effectively guarantee most mortgages given by banks and nonbank lenders — and from HUD, which acts as a guarantor for other mortgages under the Federal Housing Administration’s home loan program. | Action to shield those with federally backed mortgages came on two fronts Wednesday: from the Federal Housing Finance Agency — the main regulator for Fannie and Freddie, which effectively guarantee most mortgages given by banks and nonbank lenders — and from HUD, which acts as a guarantor for other mortgages under the Federal Housing Administration’s home loan program. |
| Mark A. Calabria, director of the Federal Housing Finance Agency, said the foreclosure and eviction suspension would allow most homeowners “to stay in their homes during this national emergency.” | Mark A. Calabria, director of the Federal Housing Finance Agency, said the foreclosure and eviction suspension would allow most homeowners “to stay in their homes during this national emergency.” |
| The agency’s move will provide immediate relief to about 180,000 homeowners with Fannie- and Freddie-backed mortgages who are delinquent in payment and in danger of foreclosure. | The agency’s move will provide immediate relief to about 180,000 homeowners with Fannie- and Freddie-backed mortgages who are delinquent in payment and in danger of foreclosure. |
| Updated June 22, 2020 | Updated June 22, 2020 |
| A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. | A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. |
| The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. | The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. |
| The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. | The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. |
| So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. | So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. |
| A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. | A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. |
| The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. |
| States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. | States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. |
| If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. | If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. |
| For any mortgage backed by Fannie or Freddie, the agency is telling mortgage servicers — the banks and other companies that collect payments from borrowers and pass them on to whoever owns the mortgage — to give borrowers facing financial difficulty a break by allowing them to miss monthly payments. | |
| Mr. Calabria said he hoped that servicers accepting payments from borrowers with home loans not backed by a government agency would also suspend foreclosure activities. | |
| “We do hope that by setting up frameworks in place that others will decide this makes sense,” he said. “We hope that there will be an alignment of interests.” | |
| He added that forbearance for borrowers could last up until a year in some cases. But he said borrowers who could make payments should do so. The program is really intended to help those who have lost jobs or lost income because of the virus. | He added that forbearance for borrowers could last up until a year in some cases. But he said borrowers who could make payments should do so. The program is really intended to help those who have lost jobs or lost income because of the virus. |
| And the mortgage industry sees Wednesday’s action as the first of several that will be required to avoid overwhelming the home-lending system. Servicers will need cash. Banks will need flexibility from their regulators to make riskier loans to the servicers to keep them afloat. | And the mortgage industry sees Wednesday’s action as the first of several that will be required to avoid overwhelming the home-lending system. Servicers will need cash. Banks will need flexibility from their regulators to make riskier loans to the servicers to keep them afloat. |
| “The immediate financing needs of advancing these missed mortgage payments to investors will likely be larger than the private sector alone can handle,” Robert D. Broeksmit, the chief executive of the Mortgage Bankers Association, said in a statement on the group’s website. “We will need public support to get us through the worst of the crisis.” | “The immediate financing needs of advancing these missed mortgage payments to investors will likely be larger than the private sector alone can handle,” Robert D. Broeksmit, the chief executive of the Mortgage Bankers Association, said in a statement on the group’s website. “We will need public support to get us through the worst of the crisis.” |
| Ted Tozer, a mortgage industry consultant and former head of Ginnie Mae, which provides a backstop for mortgage-backed securities, called the current circumstances “mind-boggling.” | Ted Tozer, a mortgage industry consultant and former head of Ginnie Mae, which provides a backstop for mortgage-backed securities, called the current circumstances “mind-boggling.” |
| “It’s tough to figure out how to respond,” he said. “We’ve seen on the health care side how they’ve been having a tough time dealing with it. It’s no different on the financial side.” | “It’s tough to figure out how to respond,” he said. “We’ve seen on the health care side how they’ve been having a tough time dealing with it. It’s no different on the financial side.” |