Russia Claims Capture of Kostiantynivka as Putin Pushes Donetsk Offensive 
Ukraine War: Russian Drone Attack Sparks Hotel Fire in Central Kyiv 
DHS Investigates Cyber Breach in Homeland Security Information-Sharing Network 
Trump Administration to Launch Voluntary AI Standards for Frontier Models 
US-Iran Doha Talks Show Limited Progress as Hormuz Shipping Remains Key Focus 
Amy Coney Barrett Faces Conservative Backlash After Key Supreme Court Rulings Against Trump 
US Ambassador Prioritizes Cook Islands Critical Minerals, Warns of China’s Pacific Influence 
Russia’s Deadly Kyiv Missile and Drone Attack Kills 27 as Zelensky Urges Faster Air Defense Support 
Moody’s Says Peru’s President-Elect Keiko Fujimori Could Boost Investor Confidence 
Trump Administration Declines USMCA Renewal, Opens Talks on New Trade Changes 
UN Warns of Looming Human Rights Catastrophe in Sudan’s Al-Obeid 
Taiwan Simulates Chinese Blockade and Invasion in Major Civil Defense Drill 
State of emergency in Crimea as Ukraine focuses pressure on ‘jewel in Putin’s crown’ 
Venezuela Interim President Defends Earthquake Response as Death Toll Climbs 
Trump Reports $1.4 Billion in Crypto Income as Digital Assets Become Top Wealth Source 
France Battles Mediterranean Wildfires as Heatwave Fuels Fire Risk 
US Envoy Urges Taiwan to Build ‘Hornet’s Nest’ Drone Defense Against China 
The United States has the highest number of coronavirus cases with over 1.7 million Americans infected with COVID-19. To ease the burden of the millions who lost their jobs due to the economic disruption brought by the pandemic, Joe Biden is advocating for rent and mortgage forgiveness while the outbreak lasts.
“There should be rent forgiveness and there should be mortgage forgiveness now in the middle of this crisis,” Joe Biden said during his recent appearance in “Good Luck America,” Snapchat’s political show, according to MarketWatch.
Joe Biden later clarified that he wants full payment forgiveness, where supposed payments are not just deferred but totally canceled. “Forgiveness,” he added, as reported by Forbes. “Not paid later, forgiveness. It’s critically important to people who are in the lower-income strata.”
Biden’s website does not offer further details of his proposed rent and mortgage forgiveness but based on a recently filed proposal by Representative Ilhan Omar of Minnesota, it could mean that there will be no accrual of interest on one’s debt during the pandemic. The non-payment will not negatively affect one’s credit rating and there will be “no record of missing payments on rental history.”
In addition, Omar’s Rent and Mortgage Cancellation Act would prohibit landlords and mortgagees to take “adverse actions” against tenants or homeowners who qualify for the program. Should the do so, they will be fined $5,000 for the first offense, $10,000 for the second and $50,000 civil penalty, or the property’s forfeiture for subsequent offenses.
There will be a rent freeze for the next five years. However, landlords can recoup their loss of revenue by applying for the Rental Property Relief Fund, which will be handled by the Department of Housing and Urban Development. Mortgagees may have their losses covered by applying to the Home Lenders Relief Fund, which is also handled by the HUD.
Joe Biden’s proposal comes at a time when people are struggling to pay their rent due to the economic downturn caused by the coronavirus. “Tens of millions of Americans have lost their jobs or been furloughed as businesses shut down to comply with stay-at-home orders,” MarketWatch wrote, adding that renters have been affected more than homeowners.
