Resources Archive

Summary of Foreclosure Alternatives for Borrowers with COVID-19 Hardships

October 4, 2022

This chart provides a summary of relief options available for borrowers facing a COVID-19 related hardships. The options that they can access depend on the loan investor. In addition to the forbearance protections provided by the (CARES) Act, Fannie Mae, Freddie Mac, FHA, VA, and USDA borrowers all have access to expanded options provided by…

Skyrocketing Utility Arrears during the Covid-19 Crisis: The Need for Substantial Federal Support

October 4, 2022

Residential utility customer arrearages will likely skyrocket amidst plummeting income and employment loss during the Covid-19 crisis. How big will the problem be? The answer depends on just how many customers will be unable to keep up with payments in the weeks to come. The tables that follow depict disparate home electricity burdens and expenditures,…

Federal, State, and Private Protections for Older Consumers Impacted by the COVID-19 Pandemic

October 4, 2022

Older adults and those with underlying health issues are most at risk of contracting COVID-19. Many will incur significant expenses related to sheltering in place or taking other measures to protect their health. Older adults with fixed or limited incomes, and those with few resources, may face foreclosure, eviction, and other financial challenges in the…

Coronavirus Emergency: Mortgage Relief for Consumers - How States Can Help

October 4, 2022

The federal CARES Act provided much-needed relief for certain borrowers who could not make their monthly mortgage payments. The Act allowed borrowers who were experiencing a financial hardship due to COVID–19 to pause mortgage payments for up to 12 months. These forbearance plans however only covered federally backed mortgages (Fannie Mae, Freddie Mac, FHA, USDA,…

Coronavirus Emergency: What Borrowers Need to Know about Student Loan Relief

October 4, 2022

The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act (effective March 27, 2020) addresses urgent public health and economic needs in the face of the COVID-19 crisis. STUDENT LOAN RELIEF UNDER THE CARES ACT: Provides some relief but only for Direct Loan and Federal Family Education Loans (FFEL) currently owned by the U.S. Department…

What Consumers Need to Know About Covid-19 Mortgage Relief

October 4, 2022

Federal and states government have announced measures to assist millions of Americans facing an inability to make their monthly mortgage payments due to the COVID-19 emergency. You should pay your mortgage if you can afford it. If you cannot make a mortgage payment, relief may be available. Under federal law, a servicer cannot start the…

The Need for Utility Reporting of Key Credit and Collections Data Now and After the Covid-19 Crisis

October 4, 2022

The challenges posed by the Covid-19 crisis have heightened the importance of sustained, affordable access to essential home energy service for all households across the nation. Yet, there is currently only limited capacity in the U.S. to gain a clear, data-driven understanding of the number of households that lose access to home energy services and…

Coronavirus Emergency: Why States Need to Act Now to Protect Families’ Stimulus Payments

October 4, 2022

As a result of the $2.2 trillion CARES Act, the federal government will issue stimulus payments to millions of income-qualified Americans. The purpose of the checks is to help people pay for food, utilities, rent, medicine, and other basic necessities at a time when many have been told to stay home and have lost or…

Coronavirus Emergency: Preventing Garnishment of Stimulus Checks

October 4, 2022

As a result of the $2.2 trillion CARES Act, the federal government will issue stimulus checks tomillions of income-qualified Americans. The purpose of the checks is to help people cover food,utilities, rent, medicine, and other basic necessities at a time when many have been told to stayhome and have lost income. Garnishment of these funds…

Issue Brief: The U.S. Treasury Can and Should Ensure that Stimulus Payments Go for Families’ Food and Necessities, not to Debt Collectors

October 4, 2022

Millions of Americans have suffered an immediate and dramatic loss of income as a result of theCOVID-19 shut down. To help these Americans, the Coronavirus Aid, Relief, and EconomicSecurity (CARES) Act provides for payments to individuals up to $1,200 so that people can payfor food, rent, utilities, medicine, and other basic necessities.

Comments to Treasury on Ensuring Responsible Development of Digital Assets

October 3, 2022

This request for comments covers two different sets of digital assets: cryptocurrencies, including stablecoins, and central bank digital currencies. We see little to no legitimate use for cryptocurrencies and few, if any, potential benefits that are not heavily outweighed by the high degree of risk, harm, and evasion of consumer protection laws.

Coronavirus Emergency: Consumer Debt Collection Lawsuits - How States Can Help

October 3, 2022

Lawsuits are a common method used to collect alleged consumer debts, and these lawsuitsmake up a large percentage of the civil court docket around the country. Court traffic creates asubstantial risk of spreading the virus to litigants, attorneys, court personnel, and the public.

All Resources