U.S. Mortgage Lenders And Homebuilders React Constructively to $2 Trillion Stimulus Package


Ali Ata reports that the chairman of the National Association of Home Builders (NAHB), Dean Mon, has released a statement with regards to the Senate passage of a $2 trillion stimulus package to fight the Coronavirus pandemic.

A critical step
It states how the Senate has taken a critical step to help American businesses and families who have suffered financial hardships because of the Coronavirus outbreak, how the economic package contains provisions to aid small businesses, which includes home building firms to stay open and meet their wage requirements. It also talks about how the package provides much-needed cash to families to help pay their mortgage during this economic hit. Ali Ata notes that the House must act swiftly to pass the bill and get the president's signature on it. 

More work
The statement highlights the pandemic's effects on the homebuilding sector, which requires more action. It promises that NAHB will carry on work with Congress to make sure that any forthcoming stimulus package addresses the housing community and small businesses' needs.

Bob Broeksmit, MBA President and CEO, has also released a statement about Senate passage of the CARES Act.

To benefit millions
The statement expresses how the relief package will help millions of Americans affected by the COVID-19 pandemic and expresses their sympathy with those who are struggling. Ali Ata shares that it also lauds the provisions included in the package to provide specific aid to those who need help.

A financing plan for mortgage servicers
The statement goes on to say that the funding can be leveraged to create a dedicated Federal Reserve liquidity amenity. It suggests that the U.S. Treasury and Federal Reserve must implement a financing plan to help mortgage lenders provide levels of mortgage tolerance required to help homeowners who face financial hardships due to the pandemic.

Ali Ata shares that the real estate finance industry is eager to continue work with the Fed, Congress, state, and local officials to guarantee that renters, borrowers, and small businesses are protected and supported during this pandemic.

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