NAR Letter to Treasury, Federal Reserve Board, and FHFA Regarding Foreclosure Forbearance Extension

On March 27 NAR sent a letter to Secretary Mnuchin, Chair Powell, and Director Calabria. The letter thanks the agencies for their diligent efforts to support the financial markets, real estate, and economy during the unprecedented challenge posed by COVID-19. As the ramifications of this outbreak become appearent, actions must be taken to ensure certainty in the marketplace to prevent further economic turmoil and begin to pave a stable road to recovery. The need to extend forbearance and a moratorium on foreclosures is critical to providing temporary housing security and supporting the social distancing effort.