Coronavirus / COVID-19 Stimulus / Economic Developments

Trump Stops Foreclosures, Restarts Consumer Cashflow – Reassures America

TrumpWe are not there yet, but we are getting there. Critics abound – as they will – but President Trump is working tirelessly to relieve stress for every American in the shadow of Covid-19.

Trump’s two most significant moves so far; beyond accelerating medical response, activating military assets, and expanding commercial liquidity – are offering immediate relief to homeowners by preventing foreclosures, and pioneering cash payments to families, preventing bankruptcies.

On foreclosures, Trump used his emergency executive powers to literally suspend – that is, to stop cold – all home foreclosures and evictions for the next 60 days.

On March 18th, at President Trump’s direction, the Department of Housing and Urban Development (HUD) “authorized the Federal Housing Administration (FHA) to implement an immediate foreclosure and eviction moratorium for single-family homeowners with FHA-insured mortgages for the next 60 days.”

As described by HUD, “these moratoriums are part of the continued effort by President Trump to address impacts to the financial well-being of America’s individuals, families, and businesses caused by … COVID-19.” This will be a major relief to many Americans.

The goal, as Secretary Ben Carson reaffirmed, was to “allow households who have an FHA-insured mortgage to meet the challenges of COVID-19 without fear of losing their homes,” “help steady markets,” and offer “peace of mind” to worried American homeowners.

That single act is highly consequential. Here is why. Roughly 64 percent of Americans own where they live. For most, a monthly mortgage payment represents 28 percent of their take-home pay. With layoffs occurring in larger numbers, many homeowners are affected.

Looking at all 50 states, home foreclosures begin in as little as one month after non-payment (i.e., Alabama), or long as ten months (i.e., Maine, Wisconsin, and New Jersey), with most commencing two or three months after non-payment. Accordingly, a two-month respite is huge.

Separately, the President is seeking direct cash payments to Americans, as large as $1000 per adult and $500 per child within three weeks, with the possibility of follow-on payments.

One may ask – why this swift executive action? Why payments directly to individuals and families, even as the President seeks to assure commercial credit, accelerate the medical response, and give businesses loans and other support?

The answer is simple. It is less political than humanitarian, and economic good sense. The President and White House team know individuals and families count more than statistics. People need peace of mind, food on the table, relief from unnecessary stress – in a crisis not of their making. If there were ever a sign of empathy for individuals and families, these acts are it.

Consumers are the first line of defense against sustained economic downturns. Moreover, restoring consumer confidence and spending is the only way you emerge from an economic shock or prolonged recession. It all comes down to the consumer.

The healthcare side of COVID-19 must be addressed vigorously, professionally, and civically. We are all part of the solution, a high purpose – not small. Businesses need reassurance, loans, waivers, forgiveness, and support to keep service, inventories, sales, and payrolls alive.

But the empirical truth is bigger – and hard to ignore. The entire purpose of our society – the sustaining force of a republic – is the individual. Moreover, the family unit is the centerpiece of stability, confidence, commerce, social norms, values, and our collective standard of living.

Trump knows this intuitively. He reacted swiftly to assuage public fears. He is assuring all that he is with us, knows our pain points, is working to protect individuals and families.

By encouraging and reinforcing Americans to help Americans, he is genuinely sidelining politics. That is the right thing. He is helping our nation – one person and family at a time – to persevere, take heart, sustain our way of life, overcome this invisible adversary, and again thrive.

Preventing foreclosures, and assuring consumers cashflow in crisis, is precisely what good leadership looks like. We are not over this – not yet. But we will get there. We are on our way to a new day – and these presidential efforts make clear that we are not alone.


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JohnH
1 year ago

I say, President Trump pay attention to the experts that can help you thru this & not just rely on your gut feelings. I hope that you do the right thing , but did not feel good a couple of months when you said you were easy to work for cuz you made all the decisions. I pray that you learn to listen to the people in your

shelley kaiser
1 year ago

Why can’t I send this to a friend of mine? I clicked on the Email box above and nothing happened.
Sincerely,
Shelley Kaiser

Betty Sorensen
1 year ago

I am a senior with little space in my freezer. What is the smallest amount I can order?

Kathy Finney
1 year ago

Thank you and God Bless our Nation ?

Frank D.
1 year ago

How good it is to have a president who cares.

Connie
1 year ago

The best way to get more money to seniors is to remove the tax imposed on our social security distributions. We paid for SS through payroll taxes in the first place. Now, we get taxed again when we receive our checks. Please lobby Congress nonstop to remove this double taxation.

anna hubert
1 year ago

Businesses are being shut down,cities are being shut down all for our good, when I hear that I think of used car salesman,only one who really is looking for solution is president and for that he is being torn limb from limb by the media that are stoking the fire,if only they were capable of reporting the facts,wouldn’t it be loverly.

darnash
1 year ago

What about this sick leave that small businesses must give? How are they supposed to pay for that?

ChrisIsTasha
1 year ago

This is great except I don’t own a home/pay a mortgage. What keeps the other 36% from being evicted from their rental properties? I’m an hourly school employee not working and most likely not getting paid. I’ve heard conflicting information regarding my pay and can’t file for unemployment until someone decides what my future holds. This is crazy.

JohnH
1 year ago

Did not do much to stop our fear, when he attacked reporter (Peter) for question in today briefing. He has a short fuse sometimes & if he does this to his people in private meetings, then he only wants a bunch of “Yes” people. One of big rules for a great leader is ” Do not attack people in public, but talk to them in private”. Trump today acted like a bully & I am ashamed that the whole world saw this side of him. But, I will bet he will not admit he was wrong.

Dave OConnor
1 year ago

TRUMP 2020

Dave OConnor
1 year ago

TRUE TO HIS WORD ,THE PRESIDENT OF THE PEOPLE, BY THE PEOPLE AND FOR THE PEOPLE ! TRUMP 2020

Charles
1 year ago

The current administration is doing an outstanding job concerning the invisible virus that Started in China. If you think China acted appropriately by imprisonments of their researchers to keep them silent and to not give honest reports to America then go to China. Impressed by the current measures taken. We will learn by this. It is long over due for some Americans to be re educated on precautions.
My father worked in bacterial warfare research in the 50’s. America will be better prepared for any type of war whether inflicted or not. Stop bashing our President and instead pray for our country.

Merlyn Hanks
1 year ago

An article about King Trump. No consideration for the rights of the individuals from whom these funds will be confiscated. I’m not a Democrat and Trump is not a Conservative. This is exactly how FDR saddled this country with Social programs that are strangling us still. I jumped the AARP ship temped by AMAC’s Conservative appeal. I’ve been duped.

rbd
1 year ago
Reply to  Merlyn Hanks

Dear Merlyn:

The fact that AMAC printed your letter about “King” Trump shows that AMAC is a fair, conservative site where anyone can express themselves. Duly elected PRESIDENT Trump amazes me daily at the unrelenting way he fulfills his commitment to his office. He usually gets only a few hours sleep each night, but, after looking at his tired face today, it’s obvious he’s getting little, if any, sleep.

No, President Trump never to my knowledge has said he was a Conservative. He wasn’t Hillary Clinton either. He is just basically a Patriot. Thank the Lord! He spent 3 1/2 years fighting the democrats in Congress who deceived and lied about what he did from the time he rose in the morning until he lay down his head for his daily nap in the middle of the night.

Use of language tells a lot about a person and referring to President Trump as “King Trump” is one of the unfriendly terms that Charles Schumer, Adam Schiff, and many of the deep state democrats and their ilk in the press like to use to insult President Trump. Back when they wanted to use the 25th Amendment to get him removed from office, the implication was he was mentally incompetent. If anything, considering all the mean spirited things done to and said about President Trump and how he does his job for the betterment of his nation and its people, I pray he wins the 2020 election in a few
months and continues working for us. He is an open book and not the deceptive man who held the office of President during the World War II years.

So, trying to be as kind as I can, you are welcome to your opinion, but I don’t think you are a Conservative in how you try to use humiliation by referring to “King Trump” and how you believe AMAC “duped” you. I suspect you are an older adult who should have lived long enough to differentiate between what is obviously overreach by the left in this country and genuine concern for the United States. I appreciate a site which offers us all a place where we can express ourselves without reverting to the language of the left when we represent ourselves as a member of the right.

John Karkalis
1 year ago
Reply to  rbd

Thanks, rbd. The only similarity between FDR and Mr Trump is one was and the other is a war time president. The enemy is of a different order this time.
Words do matter, much like a zip code they are indeed revealing.
I was taught that use of intemperate language weakens an argument.
Yes , Amac and its members are tolerant. Case in point? I let slip that in an apparent episode of Mad Cow disease I voted for Hillary in 2016.
I was forgiven my error by the good members of Amac.

anna hubert
1 year ago
Reply to  Merlyn Hanks

When St.Barack gave big bucks to millionaires and his political cronies there was nary a whisper from those who can not shut up about this president,no matter what he does it’s no good this way no good that way

Sharon Ormsby
1 year ago

One friend of mine, who was in the military, responded to all this by saying. “How socialistic of him.” I just let it go. How can you respond to out and out ignorance? This is a crisis, not a bailout or anything else.

Jack
1 year ago
Reply to  Sharon Ormsby

You should have asked your friend how stupid could he be? Evidently he’s backing the Democrats and their propaganda machines. With out any doubt, your communist socialist friend has to be completely ignorant to ignore what President Trump has done, not in the last month or weeks, but since HE took the oath of office. And that has been to protect the Constitution, the United States and the American people. All the things President Trump has done are exactly what he proposed to do in his 2016 campaign. Socialist? How stupid can they be?

Pete from St Pete
1 year ago

Mr. Trump is doing a great job in the face of mostly uncharted territory. However, I cannot help but feel uneasy by having the government make direct payments to individuals, a form of welfare, using money run off the printing presses with no solid backing. It is not the fault of President Trump that previous Presidents ran up huge government debt with no real plans of repaying it in their administrations, but the huge outlays with less income we are incurring fighting the virus are going to balloon the national debt beyond anything anyone could imagine. I wish he would have listened to Art Laffer and declared a tax holiday for the rest of the year for the payroll tax. It would help small employers meet their payroll while putting more money into the pocket of workers to spend to reinvigorate the economy. In other words, it would pay people to work instead of encouraging them to stay home. Those who are unemployed or unable to work could have been supported through unemployment insurance or assistance programs as they have been in the past. I sincerely hope he is right and I am wrong.

Mimi
1 year ago

Once again our President looks for common sense ways to help the common people. The rich will be fine, but a family of 4-5 people whose Papa isn’t working because of shut downs can get into financial trouble very quickly. Keeping foreclosures at bay, and sending cash to sustain families out of work because of this virus is a very compassionate thing to do. You can bet if we had a Democrat in office he/she would be more worried about their political career than the middle class citizens of this country. Thank you President Trump, for putting us first instead of your re-election!! And don’t worry we’ll be voting Trump in November, you are without doubt the best President in my 70 year lifetime!!! Thank you for all you do for this country!! You are a true American!! ?✝️

Kat
1 year ago

I just really hate the way it really doesn’t matter what he does, it’s wrong and they hate him. He gets absolutely no break from the left leaning thugs. But no matter what they say to and about him, his skin is thick and he carries on. I have learned a lot from him on how not to let what others say or think bother me. Love this man, he is the best President I have seen in my lifetime.

rob
1 year ago

When this plague finally gets knocked down a bit I sure hope President Trump begins to work on China a touch more. I think with all that’s gone on with them its time we begin to step away…….that is if the politicians and other swamp critters can be reeled in line for selling us out in the first place…..Joe O-Biden comes to mind, do I think it will happen?? Well not holding my breath. Its times just like this when we get to see how much President Trump cares about us…..if I get a relief check some of that money is going back to his 2020 campaign fund…… what ya all think?

John Karkalis
1 year ago
Reply to  rob

A good place to put some of that money, rob.
I have some ideas where to send part of any money that I might get, and it ain’t for ANYTHING that’s “made in China”.

Brenda Blunt
1 year ago

A President who has the best interests of the legal American citizen. No other president would have done the same.

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