The Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA) and the Department of Housing and Urban Development (HUD) recently teamed up to launch a new website
https://www.cfpb.gov/housing to help ensure homeowners and renters have the most up-to-date and accurate housing assistance information during the COVID-19 pandemic.
Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Assistance & Protection
Because the COVID-19 national health emergency has created financial issues for many, CFPB, FHFA and HUD are offering extensive CARES Act assistance and protection for individuals and families who are having difficulty paying their mortgage and rent.
The new website brings essential information and resources together in one convenient location – including CARES Act mortgage relief, protection for renters, information about spotting and avoiding COVID-19 scams, and additional helpful resources.
Agencies united in their efforts to protect borrowers and renters
The website comes from the urgency each of the agencies felt to make it easier for people to find the information and resources they need during this challenging environment.
“During these uncertain times, consumers need reliable, fair and accurate information on the protections and relief options available to them,” said CFPB Director Kathleen L. Kreninger in a release by the CFPB. “This joint website achieves this important goal for homeowners and renters, outlining clearly the changes that policymakers are making to assist them. The Bureau will continue to do everything we can to protect the economic security of consumers.”
“No one should lose their home because of Coronavirus,” said HUD Secretary Ben Carson, “and this new website is full of resources to help property owners and renters navigate these unprecedented times. HUD is continuing to monitor the needs of our FHA borrowers and HUD assisted families, and we are prepared to take additional actions as needed.”
Borrowers Protection Program and other CFPB Assistance
The CFPB has partnered with FHFA on the Borrowers Protection Program, which allows both agencies to share servicing information to help them further protect borrowers during the COVID-19 crisis.
In addition, the CFPB has implemented a number of COVID-19 related initiatives to assist consumers, including making it easier for consumers to receive pandemic-relief payments; options related to mortgage forbearance; ensuring consumers can send remittance transfers without disruption; outlining responsibilities of credit reporting companies; providing flexibility to make it easier for financial companies to work with customers who are in need.
The CFPB also has programs that may be particularly helpful during this time, including student loan payment suspension; mortgage forbearance, stimulus payments and the Paycheck Protection Program.
Additional information on protecting finances
The CFPB has a number of resources on a centralized webpage to help you protect your finances during this time of uncertainty. Links to some of those resources appear below.
https://www.consumerfinance.gov/about-us/blog/what-you-need-to-know-about-student-loans-and-coronavirus-pandemic/
https://www.consumerfinance.gov/about-us/blog/guide-coronavirus-mortgage-relief-options/
https://www.consumerfinance.gov/about-us/blog/guide-covid-19-economic-stimulus-checks/
https://www.consumerfinance.gov/about-us/blog/help-small-businesses-during-covid-19-pandemic/
https://www.consumerfinance.gov/coronavirus/
To read the full release from the CFPB visit
https://www.consumerfinance.gov/about-us/newsroom/cfpb-fhfa-hud-joint-mortgage-housing-assistance-website-covid-19/