In order to ensure a stable and equitable recovery from the disruptions of the COVID-19 pandemic and prepare for homeowners to exit mortgage forbearance, the Biden-Harris Administration is taking action to keep Americans in their homes and support a return to a more stable housing market. Today, approximately 1.75 million Americans remain in forbearance. Thanks in part to President Biden’s strategy to get Americans vaccinated and the economy back on track, the number of American households in forbearance has fallen by more than 50% from its pandemic peak. Nearly 7.2 million American households took advantage of forbearance options. Those policies prevented foreclosures and allowed some homeowners with government-backed loans to pause their mortgage payments for up to eighteen months.
This helped ensure that American families did not lose their homes during the pandemic. The Federal Housing Finance Agency (FHFA) provided similar relief for mortgages backed by Fannie Mae and Freddie Mac. These actions were taken by three federal agencies that back mortgages – the Department of Housing and Urban Development (HUD), Department of Veterans Affairs (VA), and Department of Agriculture (USDA). On June 24 th, the Administration extended the foreclosure moratorium for a final, additional month until Jand the forbearance enrollment window through September 30, 2021, and provided up to three months of additional forbearance for certain borrowers. Shortly after taking office, the Biden-Harris Administration extended the foreclosure moratorium and mortgage forbearance enrollment period for homeowners with government-backed mortgages to provide relief to struggling homeowners. In every state, jobs are up and American workers and families are looking ahead to a brighter future. And critically, over two-thirds of adults are vaccinated, with our most vulnerable populations protected at even higher rates. The American Rescue Plan is working, jumpstarting the economy and getting Americans back to work. Since President Biden took office, more than 3 million jobs have been created-600,000 a month on average. Across America, a strong economic recovery is taking hold.
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