Rent and Mortgage Cancellation Act?


There’s a new bill being proposed by Rep. Ilhan Omar out of Minnesota calling for the cancellation of all rent and mortgage payments throughout the pandemic.

It’s being call the “Rent and Mortgage Cancellation Act”. It states the cancellation of rent or mortgage payments would be retroactive to March 13th, so those who paid their rent or mortgage in April would be reimbursed. This also means that the Department of Housing and Urban Development would pay landlords and mortgage lenders for the rent and mortgage payments for as long as the pandemic continues or up to a year.

Along with rent and mortgages being cancelled, the bill states the following… “No accumulation of debt for renters or homeowners. Payments would be suspended for a person’s primary residence only and there will also be no negative impact on their credit rating or rental history.”

Source ( WFTV )