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“During this national health emergency, no one should be forced from their home," said FHFA Director Dr.
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The Federal Housing Finance Agency (FHFA) announced in May that foreclosure and eviction moratoriums for loans backed by Fannie Mae and Freddie Mac have been extended to June 30.
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“We’re just changing the parameters in which we’re providing the assurance that individuals aren’t thrown out of their homes in these really difficult times.” “We’ll take a look at the numbers and take a look at who qualifies, then we’ll set aside the appropriate amount of funding to meet the needs of Iowans during this really difficult time,” Reynolds said. Reynolds said she plans for the program to be operational by the end of the week. The report states the proposed program will be funded by federal money designed for pandemic response efforts by the Iowa Finance Authority-a state agency that operates housing assistance programs. This was done to offset the closures of Iowa businesses, which caused unemployment levels to spike to record highs. Reynolds, according to the Quad City Times, had temporarily suspended foreclosures and rental evictions as a part of her administration’s responses to COVID-19. The Governor, instead, said a program will be established to provide financial assistance to borrowers in Iowa who have lost income or faced foreclosure eviction. Kim Reynolds announced that home foreclosure and rent evictions moratoriums will not be extended, according to the Quad City Times.