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Will the next stimulus bill be passed by March 14? And, when will this end?

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So it looks like the number of folks behind on rent is around 9,308,987 totaling about $52 billion. New bill adds about $25 billion in rental and utility assistance and about $10 billion for mortgage aid. Many states have yet to distribute $25 billion they received from the Treasury Department already. This is a big issue but doesn't seem unfixable. I am still sifting through the new bill but seems like it addresses a lot of things that needed to be addressed. I am disappointed that is lacks a pool of money to be doled out by the secretary of the treasury without oversite.

www.wsj.com

Millions of Tenants Fall Further Behind on Rent as They Await Federal Covid-19 Assistance

Many states are still determining how to distribute money they have received from the Treasury Department to help an estimated 13 million renters. Meanwhile, Congress is poised to appropriate another $20 billion in rental assistance.
www.wsj.com www.wsj.com

 
zzyzxroad said:
So it looks like the number of folks behind on rent is around 9,308,987 totaling about $52 billion. New bill adds about $25 billion in rental and utility assistance and about $10 billion for mortgage aid. Many states have yet to distribute $25 billion they received from the Treasury Department already. This is a big issue but doesn't seem unfixable. I am still sifting through the new bill but seems like it addresses a lot of things that needed to be addressed. I am disappointed that is lacks a pool of money to be doled out by the secretary of the treasury without oversite.

www.wsj.com

Millions of Tenants Fall Further Behind on Rent as They Await Federal Covid-19 Assistance

Many states are still determining how to distribute money they have received from the Treasury Department to help an estimated 13 million renters. Meanwhile, Congress is poised to appropriate another $20 billion in rental assistance.
www.wsj.com www.wsj.com

Click to expand...
I'm assuming a /s for the last sentence. 🙂
 
And my Trumpie relatives reply with a cynical smirk, "I'll believe it when it's in my account". And they still won't take the vaccine, Bill Gates and the microchips. 🙄
 
zzyzxroad said:
So it looks like the number of folks behind on rent is around 9,308,987 totaling about $52 billion. New bill adds about $25 billion in rental and utility assistance and about $10 billion for mortgage aid. Many states have yet to distribute $25 billion they received from the Treasury Department already. This is a big issue but doesn't seem unfixable. I am still sifting through the new bill but seems like it addresses a lot of things that needed to be addressed. I am disappointed that is lacks a pool of money to be doled out by the secretary of the treasury without oversite.

www.wsj.com

Millions of Tenants Fall Further Behind on Rent as They Await Federal Covid-19 Assistance

Many states are still determining how to distribute money they have received from the Treasury Department to help an estimated 13 million renters. Meanwhile, Congress is poised to appropriate another $20 billion in rental assistance.
www.wsj.com www.wsj.com

Click to expand...

I think it depends on where you look, and most of those figure are just people behind on rent, not those behind on mortgage payments. We have another article in December stating people are $70 Billion behind (that would be equivalent to 35 million if every one paid $2k rent). Again, nothing has really happened that has helped take these people out of the situation, until today when Biden signed the bill. All in all, It's way more than 10 Million people, so I think arguing about it right now is just spitting hairs over something that really doesn't have any solid numbers because it's all reliant on landlords, banks, mortgage companies, passing the information on.

Here is a ton of google links.. some use $, some use percent. Either way we have a ton of people behind on rent, mortgage payments, and the number even increases if you start looking at small businesses who are also suffering, behind on their mortgages, rent.


Google Search

www.google.com
 
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NWRMidnight said:
I think it depends on where you look, and most of those figure are just people behind on rent, not those behind on mortgage payments. We have another article in December stating people are $70 Billion behind (that would be equivalent to 35 million if every one paid $2k rent). Again, nothing has really happened that has helped take these people out of the situation, until today when Biden signed the bill. All in all, It's way more than 10 Million people, so I think arguing about it right now is just spitting hairs over something that really doesn't have any solid numbers because it's all reliant on landlords passing the information on.

Here is a ton of google links.. some use $, some use percent. Either way we have a ton of people behind on rent, mortgage payments, and the number even increases if you start looking at small businesses who are also suffering, behind on their mortgages, rent.
Click to expand...
Yeah I was specifically addressing rent as it is what was brought up earlier in the thread buy what's his face. I have seen no credible information that would indicate there are many more than 10 million folks behind on rent.

Mortgages are a whole different subject and one I have not looked into yet. I don't however think banks want massive foreclosures though. Just checked and I had missed this but the forbearance program was extended for an additional six months.

www.cnbc.com

Homeowners can now defer mortgage payments for an extra 6 months—here’s how to tell if you're covered

Biden directed federal housing regulators to extend forbearance and foreclosure relief programs for U.S. homeowners on Tuesday.
www.cnbc.com www.cnbc.com


fskimospy said:
The disconnect between now the internet sees Biden and how the rest of the country sees Biden is a really big reality check.
Click to expand...

The people still peddling the sleepy Joe narrative have a mental defect.
 
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zzyzxroad said:
So it looks like the number of folks behind on rent is around 9,308,987 totaling about $52 billion. New bill adds about $25 billion in rental and utility assistance and about $10 billion for mortgage aid. Many states have yet to distribute $25 billion they received from the Treasury Department already. This is a big issue but doesn't seem unfixable. I am still sifting through the new bill but seems like it addresses a lot of things that needed to be addressed. I am disappointed that is lacks a pool of money to be doled out by the secretary of the treasury without oversite.

www.wsj.com

Millions of Tenants Fall Further Behind on Rent as They Await Federal Covid-19 Assistance

Many states are still determining how to distribute money they have received from the Treasury Department to help an estimated 13 million renters. Meanwhile, Congress is poised to appropriate another $20 billion in rental assistance.
www.wsj.com www.wsj.com

Click to expand...

So I am going to reply to you, because it's useless against the other person.

Wife is a small business owner/self employed. KY (McConnell mind you)

Ever since, Trump let the Bill expire December 27th, My wife, who is eligible for UI, due to being forced to close, has not received a single check since Jan 5th.
KY for ya.
 
DaaQ said:
So I am going to reply to you, because it's useless against the other person.

Wife is a small business owner/self employed. KY (McConnell mind you)

Ever since, Trump let the Bill expire December 27th, My wife, who is eligible for UI, due to being forced to close, has not received a single check since Jan 5th.
KY for ya.
Click to expand...
Sorry to hear that. Hopefully you qualify for the $1400 checks as it sounds like those will be going out soon.
 
zzyzxroad said:
Sorry to hear that. Hopefully you qualify for the $1400 checks as it sounds like those will be going out soon.
Click to expand...
Apparently there are ALOT of people in KY having issues with the unemployment system. Always shows under review, unknown, under investigation. She said she's in several FB groups, with hundreds or thousands, don' know atm she's trying to set up appointment. BTW she has a hair salon, so has been reopened, but the clients have definitely slowed down too, due to budget restraints. food and electric is more important than cuts and color.

For us, it was fine UNTIL Trump let the existing bill expire by not signing new one on the 27th in time. It's been screwed ever since then.

SO she is only behind on overhead bills since January, I am an essential worker, I never got time off. Hazard pay was paid from march 2020 to June 2020.
 
zzyzxroad said:
Yeah I was specifically addressing rent as it is what was brought up earlier in the thread buy what's his face. I have seen no credible information that would indicate there are many more than 10 million folks behind on rent.

Mortgages are a whole different subject and one I have not looked into yet. I don't however think banks want massive foreclosures though. Just checked and I had missed this but the forbearance program was extended for an additional six months.

www.cnbc.com

Homeowners can now defer mortgage payments for an extra 6 months—here’s how to tell if you're covered

Biden directed federal housing regulators to extend forbearance and foreclosure relief programs for U.S. homeowners on Tuesday.
www.cnbc.com www.cnbc.com




The people still peddling the sleepy Joe narrative have a mental defect.
Click to expand...
The problem with the deferring payments on mortgages, is Congress screwed the pooch because it doesn't require them to tack the deferred payments on to the end of the contract (unless this new bill fixes that). So the majority of the lenders require the deferred payments to be paid in full at the end of the deferment regardless of how long it is (up to 15 months.. Ouch!). Which is really equivalent to not having it deferred, other than it will set many home owners up to lose their homes when the deferment ends because they won't be able to come up with a large lump sum all at once. It would be different if all these people where going to receive backpay for lost wages, but that isn't the case. I feel sorry for those that think the deferment program will help them keep their house, because many will lose it when they have to come up with 6 months or more of deferred payments all at once. Bankruptcies are going to sky rocket this year and next because it is the only thing that will prevent many of these people from losing their houses.
 
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DaaQ said:
So I am going to reply to you, because it's useless against the other person.

Wife is a small business owner/self employed. KY (McConnell mind you)

Ever since, Trump let the Bill expire December 27th, My wife, who is eligible for UI, due to being forced to close, has not received a single check since Jan 5th.
KY for ya.
Click to expand...
Where are you? If you're within 30 minutes of Louisville my wife will book a cut n color with yours.

PM me if you're interested.
 
NWRMidnight said:
The problem with the deferring payments on mortgages, is Congress screwed the pooch because it doesn't require them to tack the deferred payments on to the end of the contract (unless this new bill fixes that). So the majority of the lenders require the deferred payments to be paid in full at the end of the deferment regardless of how long it is (up to 15 months.. Ouch!). Which is really equivalent to not having it deferred, other than it will set many home owners up to lose their homes when the deferment ends because they won't be able to come up with a large lump sum all at once. It would be different if all these people where going to receive backpay for lost wages, but that isn't the case. I feel sorry for those that think the deferment program will help them keep their house, because many will lose it when they have to come up with 6 months or more of deferred payments all at once. Bankruptcies are going to sky rocket this year and next because it is the only thing that will prevent many of these people from losing their houses.
Click to expand...
Where are you getting that? I have not seen that to be the case.

I'm kicking myself for buying into the doom and gloom from last summer. I waited on buying another investment property thing there was going to be a glut of foreclosures at some point but I don't think that is coming. Thankfully I seem to have been wrong.
 
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zzyzxroad said:
Where are you getting that? I have not seen that to be the case.

I'm kicking myself for buying into the doom and gloom from last summer. I waited on buying another investment property thing there was going to be a glut of foreclosures at some point but I don't think that is coming. Thankfully I seem to have been wrong.
Click to expand...
About the deferred payments (had to actually google it as my info came from real world people I have spoken to): https://www.cnbc.com/2020/03/27/ban...s-called-misleading-here-is-what-to-know.html

That article was a year ago.. Nothing has changed, as my girlfriend attempted to defer her payments in December, and was informed all deferred payments would be due at the end of the deferment, even though she was on lay off for months due to Covid-19 shut downs and reduced business. Some lenders show that those that "qualify" for Covid-19 deferment will have those payments tacked on to the end of their contract, but obviously, the "qualifying" part is subjective as my girlfriend was 100% covid related, but she was denied adding it on to the end of her contract.

Bankruptcies is a given for many in this situation.

As believing forecloses aren't coming? We haven't made it to the point where that will even start to happen yet, much less determine isn't coming because many states and federal have restriction in place preventing it. Wait till this fall when the restrictions end if not extended.
 
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NWRMidnight said:
About the deferred payments (also backed up with real world people I have spoken to): https://www.cnbc.com/2020/03/27/ban...s-called-misleading-here-is-what-to-know.html

That was a year ago.. Nothing has changed, as my girlfriend attempted to defer her payments in December, and was informed all deferred payments would be due at the end of the deferment, even though she was on lay off for months due to Covid-19 shut downs and reduced business.

Bankruptcies is a given for many in this situation.

As believing forecloses aren't coming? We haven't made it to the point where that will even start to happen yet, much less determine isn't coming because many states and federal have restriction in place preventing it. Wait till this fall when the restrictions end.
Click to expand...
From what I have heard your girlfriend's experience is not the norm. Who was her lender? Sounds like a POS lender. Did she contact another lender as I am sure she has built up equity. No market I monitor has declined the past year. This isn't like the great resection where prices suddenly bottomed out. I also don't see lenders wanting tons of foreclosures on their hands.
 
zzyzxroad said:
From what I have heard your girlfriend's experience is not the norm. Who was her lender? Sounds like a POS lender. Did she contact another lender as I am sure she has built up equity. No market I monitor has declined the past year. This isn't like the great resection where prices suddenly bottomed out. I also don't see lenders wanting tons of foreclosures on their hands.
Click to expand...
Sub lender under Bank of America (owned by Bank of America), one of the largest in the country. I know 4 others with the same outcome, not with Bank of America or it's sub lenders. One was Wells Fargo. They all where only given the option to pay at the end of the deferment, not extend it to the end of the contract. Equity has nothing to do with the deferment program due to the pandemic. Are You confusing refinancing with deferment? Regardless, she has been paying on this house for almost 15 years, so yes, she has equity.
 
NWRMidnight said:
Sub lender under Bank of America (owned by Bank of America), one of the largest in the country. I know 4 others with the same outcome, not with Bank of America or it's sub lenders. One was Wells Fargo. They all where only given the option to pay at the end of the deferment, not extend it to the end of the contract. Equity has nothing to do with the deferment program due to the pandemic. Are You confusing refinancing with deferment?
Click to expand...
No I am saying that I simply pointed out if she has equity she has some options. I don't know anyone who has been unable to work out a reasonable payment program. I also don't know anyone who has a mortgage with BOFA or Wells. Time will tell what will happen here.

I predict lenders will not force cash housing costs and if they decided to do that guessing the government will intervene.
 
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ivwshane said:
That dumb ass mother fucker thinks the tax cut trump passed was tax reform. That’s only true if you take the word reform to mean change, any kind of change. Otherwise trump and republicans billed it as a stimulus plan. Apparently s0mestupidshitforbra1ns forgot about trumps promise of 3%+ gdp growth while talking/pushing it.


But hey you know, I know, and everyone else on this forum knows he’s the dumbest mother fucker on this forum.
Click to expand...

"Jobs Act" "rocket fuel for the economy"... yeah that really worked out that way

Truth is Biden will do more for Trump voters in his first 2mos in office then Donny TwoScoops ever would have in his entire life (not that they'll give him any credit for it.)

The TCJA was trillions spent to make the rich richer.
 
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