Heres Where The President Stands After The Midterm Elections
- 2024 Questions: Mr. Biden feels buoyant after the better-than-expected midterms, but as he turns 80, he confronts a decision on whether to run again that has some Democrats uncomfortable.
The Biden administration and Democrats in Congress are betting that by flooding the economy with cash they can kick-start a faster recovery.
Here are some of the ways that bill will help the middle class.
Made Critical Investments In Practices Proven To Improve Educational Outcomes
Every Student Succeeds Act: A Progress Report on Elementary and Secondary Education
- Invested hundreds of millions of dollars in over 50 Promise Neighborhoods working with over 700 schools in our most distressed communities, helping to break cycles of intergenerational poverty.
- Established the Investing in Innovation Fund , which has provided more than $1 billion in grants to support districts, nonprofit organizations, and institutions of higher education to research, replicate, and scale-up promising practices that improve educational outcomes.
Took Action To Curb Harmful Loopholes For The Wealthy
Treasury proposed regulations to end a specific abuse of the carried interest loophole the use of management fee waivers to convert fees into low-taxed carried interest.
Treasury proposed regulations to close a loophole that allows wealthy families to use certain estate planning strategies to claim large discounts on the value of their assets to reduce their estate and gift taxes.
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Mortgage Refinance Relief In 2022
The HARP program was live between April 2009 and the end of 2018. It helped more than 3.5 million borrowers successfully refinance their Fannie or Freddie mortgages.
In recent years, the Fannie Mae High LTV Refinance Option and the Freddie Mac Enhanced Relief Refinance program were introduced to offer similar refinance relief to HARP.
A Rescue For Pensioners
One of the more controversial provisions in the legislation is the $86 billion allotted to fixing failing multiemployer pensions.
The money is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than a million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income. The plans cover about 10.7 million active and retired workers, many of whom are middle class and work in fields like construction or entertainment where the workers move from job to job.
The legislation gives the weakest plans enough money to pay hundreds of thousands of retirees a number that will grow in the future their full pensions for the next 30 years.
But the measure has drawn criticism because the pensions were failing well before the pandemic.
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Mortgage Relief In 2021
Most mortgage relief programs, such as HARP and FMERR, have expired. One program does exist, though, if your mortgage is backed by Fannie Mae. The High Loan-to-Value Refinance Program is a mortgage refinance program aimed at homeowners who have high interest rate loans and little equity in their homes. The property can even be under water or of lesser value than the outstanding mortgage. You can apply if you qualify:
- Your loan-to-value is at or above 97.1 percent.
- The loan originated on or after October 1, 2017.
- Youve made your payments on time with no late payments in the past nine months.
- You can prove a valid reason for the refinance.
The Mortgage Reports writes that while the CARES Act offers temporary help, the HIRO reconfigures your loan for the life of the loan without penalties or payback. Two other loan packages are available for FHA and VA loans and are known as “streamline refinancing.”
Mortgage Relief: How To Qualify
- You must own your home.
- You must have a mortgage.
- Your mortgage balance in 2021 must be less than $548,250.
- Funds will be available to mortgage borrowers who are struggling to pay off their mortgage.
- At least 60% of the mortgage aid must be allocated to mortgage borrowers who have an income that is less than the national median income or the respective local median income, whichever is higher.
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Put A Real Expiration Date On Dozens Of Business Tax Breaks That Have Been Extended Repeatedly For Years Without Much Scrutiny Which Would Save More Than $200 Billion Over The Next Decade
A Critical Step Forward for a Stronger Economy and a Simpler, Fairer Tax Code
All You Need To Know About The Covid
After days of negotiations and last-minute changes, the Senate and the White House have signed a historic $2 trillion stimulus plan to help mitigate the economic fallout of COVID-19. The Coronavirus Aid, Relief and Economic Security Act will put cash directly into peoples pockets, provide desperately needed funding for hospitals and help struggling businesses remain afloat in these financially fragile times.Heres all you need to know about the CARES Act.
Stimulus checks
Increased unemployment benefits
The enhanced unemployment insurance includes four months of unemployment pay for laid-off workers expanded coverage for employees who were furloughed the inclusion of workers who generally do not qualify for unemployment, like gig workers and freelancers and increased unemployment benefits for all eligible workers by $600 a week for four months in addition to each states predetermined unemployment compensation.
Funding for the health care system
Small business bailouts
Small businesses are among the hardest hit by the pandemic and national shutdown to help flatten the curve. The stimulus plan will offer $350 billion worth of funds to these corporations to help them remain solvent during these economically lean times. These funds take the form of loans, some of which may ultimately be forgiven.
Funding for state and local governments
Retirement Plans
Student Loans
Mortgages
Additional provisions and addenda
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Made Applying For Financial Aid Easier And Faster
- Reduced the time required to complete FAFSA by two-thirds to about 20 minutes by allowing automatic retrieval of tax information and by revamping the online form for all families so they can skip questions that are not relevant to them.
- Made the FAFSA available earlier in the college application process so more students applying to start school the following fall can access college and make more informed college choices. Beginning in October 2016, students will also be able to fill out this early FAFSA form using the tax income data from an earlier year.
Expanded Registered Apprenticeship Programs Resulting In Employers Labor Unions And Training Providers Adding More Than 125000 Apprenticeships The Nations Largest Increase In Nearly A Decade Since President Obama Issued A Challenge To Double The Number Of Registered Apprenticeships Within Five Years
This growth was the result of the largest ever federal investments in apprenticeship including $175 million in grants to 46 public-private partnerships to expand apprenticeship to new industries and $90 million provided by Congress for new investments through ApprenticeshipUSA to help states strengthen regional industry partnerships, spur partnerships in fast-growing and high-tech industries, and increase diversity among apprentices. Investing in apprenticeships leads to strong outcomes for hardworking Americans and businesses. Nearly 90% of apprentices are employed after completing their apprenticeship, with an average starting salary above $50,000. And international studies suggest that for every dollar spent on apprenticeship, employers may get an average of $1.47 back in increased productivity, reduced waste, and greater front-line innovation.
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How Do I Apply
- Use the secure online application portal to submit your application for assistance.
- This is the best way to apply for those who have a smart phone, tablet, or computer.
- First review the Acceptable Documentation List and be prepared to provide supporting documentation, such as photo ID, social security number, monthly income/benefit statement, and delinquent housing expense statements.
- Check the status of your submission HERE
- Program questions please call Customer Service 844-756-4423 or email
Mortgage Stimulus Programs Faq
Is there a mortgage relief program in 2022?
The Homeowner Assistance Fund is still helping homeowners in 2022 who need mortgage relief. Under the American Rescue Plan, the HAF was funded with at least $50 million for each state to assist homeowners in danger of foreclosure or housing instability. Talk to your loan servicer about HAF eligibility.
Is there a GSE rescue package?
There is not currently a GSE rescue package for homeowners. However, Fannie Mae and Freddie Mac both have options to help homeowners who are struggling with their mortgage payments. To find out whether you qualify for mortgage assistance, reach out to your mortgage loan servicer. Thats the company to which you make your payments.
Is there really a mortgage relief program?
Even though the Covid pandemic is waning, many homeowners can still take advantage of Covid-era relief programs. If you have a conforming mortgage or a government-backed mortgage, its not too late to request an initial loan forbearance and pause your payments if youre going through a temporary financial hardship. Ask your loan servicer about forbearance options.
Is there a government mortgage relief program?
The CARES Act and subsequent American Rescue Plan have provided mortgage relief during the Covid-19 pandemic. These programs do not refinance your mortgage but let you postpone repayment while keeping your loan active. The CARES Act also created a temporary moratorium on foreclosures and renter evictions.
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Homeowner Stimulus Relief Program: How Does It Work In August 2022
There for vulnerable homeowners
A fund has been put in place to try and help homeowners keep on top of their payments and avoid foreclosures.
The American Rescue Plan Act provides up to 9.961 billion dollars for states, the District of Columbia, U.S. territories, Tribes or Tribal entities, and the Department of Hawaiian Home Lands to provide relief for American homeowners that are at risk of falling behind on payments.
The listed reasoning behind the formation of the Homeowner Assistance Fund is to prevent mortgage delinquencies and defaults, foreclosures, loss of utilities or home energy services, and displacement of homeowners experiencing financial hardship after January 21, 2020.
What Is A Mortgage Relief Refinance
When most people think of government or Congress mortgage relief, theyre thinking of HARP the Home Affordable Refinance Program. HARP was a government program rolled out by the Federal Housing Finance Agency in 2009. For nine years, it helped millions of homeowners refinance after being hard hit by the housing crisis.
The HARP program ended in 2018. And similar programs, including Fannie Maes HIRO and Freddie Macs Enhanced Relief Refinance, were also discontinued.
The reason? Home values have been rising dramatically.
Property values shot up at a record rate in 2020 and 2021. As a result, homeowners nationwide saw their equity levels increase. And the number of underwater borrowers shrunk to just 2% of the market.
There are still programs available to help homeowners with little or no equity, including 97% LTV refinancing from Fannie and Freddie and Streamline Refinancing from FHA, VA, and USDA. However, fewer and fewer homeowners need these programs.
Today, the focus is on helping homeowners who were impacted by Covid-19 lower their mortgage payments.
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Made It Easier For Responsible Homeowners To Stay In Their Homes Avoiding Foreclosures That Would Have Hurt Them And The Economy And Helping Underwater Homeowners Refinance In All More Than 10 Million Mortgage Modification And Other Forms Of Mortgage Assistance Were Completed To Help Mitigate The Foreclosure Crisis
Helped Families Stay in Their Homes
- Established a loan modification program to help more than 1.5 million homeowners lower their mortgages and avoid foreclosure, with more than 4.5 million more homeowners receiving private modifications that built on the framework provided by the government model.
- Helped underwater homeowners avoid foreclosure through programs that allow them to sell their home or reduce payments onor extinguishtheir second lien.
- Provided a delayed payment plan of up to 12 months for unemployed homeowners.
- Launched an Office of Housing Counseling and worked with HUD-approved housing counselors to assist millions of families in making smart and informed financial decisions, including by providing housing counseling for unemployed homeowners at job training centers.
Launched Dozens Of New Career Academies That Are Exposing Over 25000 High School Students To Skills For High
We challenged America’s high schools to make sure students learn the skills that businesses are looking for in high-demand fields. And we asked high schools to develop partnerships with colleges and employers, and create classes that focus on real-life applications for the fields of the future fields like science and technology and engineering and math.
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Mortgage Refinance Relief Faq
Does Congress have a mortgage stimulus program?
Although theres no current mortgage stimulus from Congress, there is federal help available for homeowners. In March 2021, the American Rescue Plan designated $10 billion to help struggling homeowners. The funds are distributed by individual states and you can locate your states agency and contact information with this lookup tool.
What is the Congress mortgage stimulus program?
Although theres no current mortgage stimulus from Congress, there is federal help available for homeowners. Its called the Homeowner Assistance Fund. This money is intended to help with a variety of homeownership costs, in addition to monthly mortgage payments, including property taxes, homeowners insurance, utility bills and HOA dues.
Is HARP still available?
No. HARP was discontinued on the last day of 2018. HIRO and FMERR were launched in 2021 and serve a similar function.
Are mortgage relief programs real?
Yes, these mortgage relief programs are real and available to help homeowners experiencing financial hardship. Be sure to apply for mortgage assistance directly through your states housing finance agency.
Who is eligible for mortgage relief programs?
You may be eligible for one of several mortgage relief programs, depending on the type of mortgage you have, even if your home value is low compared to your mortgage balance.
Recapitalized The Financial System So It Could Withstand The Downturn And Start Lending Again Recovered The Entire Taxpayer Investment Into The Banks Plus A Nearly $30 Billion Positive Return
Treasury invested approximately $245 billion across five bank programs. Each of these programs was established to accomplish different goals as part of the overall effort to stabilize America’s banking system. Because of the aggressive response, the financial system stabilized and Treasury has recovered $275 billion, a nearly $30 billion positive return to the taxpayer.
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Covid Stimulus Programs Overview
Since March 2020, homeowners have had certain protections under the CARES Act.
Originally set to expire at the end of December 2020, these protections have been extended through the beginning of 2021 to continue supporting homeowners affected by the pandemic.
Current mortgage relief programs for conventional loans and government-backed loans are as follows:
Foreclosure moratoriums
Currently, mortgage companies cannot start foreclosure proceedings against homeowners who are unable to make home loan payments.
- For conventional mortgages, lenders cannot start a foreclosure until at least July 31, 2021
- For FHA, VA, and USDA mortgages, lenders cannot start foreclosure proceedings until at least July 31, 2021
Mortgage loan forbearance
Homeowners who are unable to pay their mortgages due to COVID-related financial hardship can opt into a forbearance plan, which temporarily pauses mortgage payments.
- Homeowners with conventional loans can forbear their mortgages for up to one year. Homeowners who were in a CARES Act forbearance plan as of February 28, 2021, may ask for an additional 3 months of forbearance, for 15 months total
- Homeowners with FHA, VA, and USDA loans can forbear their mortgages for up to 18 months . Homeowners must request initial forbearance before June 30, 2021
Even for the loan types listed above, specific mortgage relief programs and requirements can vary by loan servicer.
Check with your own servicer to find out what type of loan relief you qualify for.
Launched Cash For Clunkers To Spur Auto Sales
Did ‘Cash-for-Clunkers’ work as intended?
A plausible interpretation of the available data, in fact, is that many of the auto sales catalyzed by the CARS program were to the kinds of thrifty people who can afford to buy a new car but normally wait until the old one is thoroughly worn out. Stimulating spending by such people acted as an incredibly positive countercyclical fiscal policy in an economy suffering from temporarily low aggregate demand.Read More
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Relief Programs For Renters
Renters have protections during COVID, too, although theyre less robust than the relief programs offered to homeowners.
- Some renters cannot be evicted until at least June 30, 2021, if they are behind on payments due to COVID-related financial hardship
- $25 billion in emergency rental assistance will be available through state and local governments to help renters who cant make payments
To qualify for rent relief, landlords or tenants will have to meet certain conditions, including:
- The household cant make more than 80% of their areas median income
- Renters must be experiencing financial hardship related to the pandemic
- The renter must be at risk of losing their housing
Since funds will be distributed locally, tenants and landlords hoping to qualify for rent relief will need to check for programs operating in their area.
For starters, check this spreadsheet of local housing programs, compiled by the National Low Income Housing Coalition, to find rental assistance programs currently operating in your state or county.
The American Rescue Plan also includes an additional $5 billion in emergency Section 8 housing vouchers for people experiencing homelessness, survivors of domestic violence, and victims of human trafficking, according to NPR.
Individuals in these categories should reach out to their local public housing agency to learn whether they qualify for assistance. You can find your local PHA here.
What to do if youre behind on rent
