The health and economic impact of the spread of COVID-19 is both already devastating and only just beginning.
Food-service and gig workers are already seeing their incomes dry up. Nest eggs are vanishing as the stock market collapses. It seems as if it’s only a matter of time before the impacts are felt in other sectors of the American economy.
If you have a mortgage and your source of income is threatened by the fallout from the novel coronavirus, you are probably—and understandably—very worried. Take heart that on Wednesday, President Donald Trump announced that evictions and foreclosures on houses backed by government-sponsored mortgage facilitators Freddie Mac and Fannie Mae, or by the Federal Housing Administration (FHA), will be suspended at least through the end of April. Freddie, Fannie, and the FHA back the vast majority of single-family houses. So if you’re in financial trouble, you will be protected, at least through April.