The COVID-19 pandemic has devastated our economy, leaving over 26 million consumers unemployed (as of late April 2020) and forcing countless small businesses to close. This economic catastrophe will also lead to damaged credit reports and plunging credit scores for tens of millions of consumers. Lower credit scores will not only impede consumers’ ability to…
Read More about Protecting Credit Reports During the COVID-19 Crisis
The COVID-19 crisis will damage the credit reports of tens of millions of consumers, who will see their scores nosedive because of mass unemployment and loss of income. Lower credit scores will impede consumers’ ability to get affordable credit, jobs, housing, and to generally recover when this crisis is over. Yet the response to this…
Read More about Credit Reports and the COVID-19 Crisis: What States Should Do to Help Consumers
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…
Read More about Summary of Foreclosure Alternatives for Borrowers with COVID-19 Hardships
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,…
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…
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,…
Read More about Coronavirus Emergency: Mortgage Relief for Consumers - How States Can Help
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…
Read More about Coronavirus Emergency: What Borrowers Need to Know about Student Loan Relief
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…
Read More about What Consumers Need to Know About Covid-19 Mortgage Relief
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…
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…
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.