Right now, at least 3.4 million homeowners are not paying their mortgages due to the extreme recession caused by the coronavirus pandemic.
While that may get them by momentarily, they will be expected to pay that money back at some point. The CARES Act bailout package is a stopgap, allowing homeowners to delay payments for up to a year, but that may only temporarily hold back economic doom.
“They told me, yes, you can skip three months’ payments,” said New York resident Frank Gullo, who has had his hours slashed by Long Island Rail Road, to NPR about his mortgage lender. “But then they told me there was a balloon payment at the end of it.”
“You know, it stresses us out,” said Gullo’s wife, Jasmine, who has lost her job as a concert tour promoter because of the shutdown. “It’s like a black cloud hanging over my head.”
Frank and Jasmine are unable to fathom how they and millions of other beleaguered Americans will be able to make ends meet under these conditions.
“If everyone’s lost their job at this point,” Frank said, “how is that helping? That’s doing the exact opposite. That’s putting people in further debt once we get out of this.”
“It’s impossible,” Jasmine said. “This pile of money is just going to magically appear from somewhere?” The Gullo family has been forced to dip into their 401(k) retirement fund just to stay afloat. This is an early indicator that the CARES Act, which was promoted aggressively and signed into law by President Donald Trump, is doing little to give relief to the Americans who need it the most.
“In the vast majority of cases, what should happen at the end of the CARES Act forbearance period is that homeowners should be given the opportunity to have those missed payments put on the back end of their mortgage,” said Diane Thompson, a former attorney with the Consumer Financial Protection Bureau.
Thompson believes the missed payments ought to be put at the back end of an individual’s mortgage so they will not have exorbitant fees to pay back once the pandemic comes to close. This is how the system should work if the letter of the law is followed, Thompson believes.
“When servicers are telling homeowners that they have to make a lump sum payment, that’s contrary to the law and contrary to all of the guidance I’ve seen coming out from the various regulators,” Thompson said.
However, with the CARES Act being written by lobbyists and muscled through without any deliberation at Trump’s behest, this has not been the case. The CARES Act has turned out to be another cruel Wall Street power grab that crushes the little guy, emblematic of the federal swamp that Trump has refused to drain as Commander-in-Chief.
Thompson is calling for Congress to spring into action once more and write rules to clarify these protections and help the consumer from being preyed upon by rapacious mortgage lenders.
“We absolutely need Congress to step in here, so that there’s a simple clear path,” she said. “The simplest, the easiest thing to do for people who’ve missed mortgage payments is simply to put those payments on the back end.”
Although President Donald Trump became the leader of the working man, he is listening to the deep state experts by keeping the coronavirus lockdown in place. He is ignoring his constituents, who are getting crushed by the economic calamity, as they plead for their country to be returned to normalcy.
As Biden Eyes “Transition Away” From Fossil Fuels, Pennsylvania is Second-Largest Natural Gas Producer in US
Destroying Pennsylvanian jobs.
Joe Biden’s announcement that he plans on a “transition away” from the use of fossil fuels as an energy source may not go over smoothly with the people of Pennsylvania- a state that has scored as the second largest producer of natural gas anywhere in the country.
Joe Biden admitted at the Thursday debate that he plans to “transition away from the oil industry,” citing pollution.
Joe Biden says he will "transition from the oil industry" pic.twitter.com/0TgtYhhLEZ
— Daily Caller (@DailyCaller) October 23, 2020
The United States Energy Information Administration identifies a considerable 20.0% of national natural gas production as coming from the state of Pennsylvania, making it the second biggest producer behind Texas. The state punches well above its weight in doing so, producing almost as much natural gas as Texas despite having less than half of its population.
Biden has sought to dismiss his track record of support for the banning of fracking oil extraction, employing a similar thinly veiled rhetorical trick by stating he’d only decline to allow any new fracking.
The energy industry continues to be a source of gainful, family-supporting employment for over ten million Americans. It’s not an option to “transition away” from the use of fossil fuels in the immediate future- a fact Biden tacitly admitted to after the debate suggestion, perhaps indicating that he realized the political folly of the statement.
Biden also said he’s talking about “getting rid of the subsidies for fossil fuels. But we’re not going to get rid of fossil fuels for a long time.”
— Jennifer Epstein (@jeneps) October 23, 2020
A study from the American Petroleum Industry indicates that more than 322,000 Pennsylvanians are employed by the natural gas industry that Biden wants to transition away from.
Pennsylvania is shaping up as the most critical swing state in the election, and in nearly every plausible election night scenario the winner of the state’s 20 electoral votes secures the 270 needed to win the election.
Perhaps Joe Biden should transition away from national politics, and leave policy answers relating to carbon emissions, the environment and a strong energy industry to those more considerate of the role of the natural gas industry in Pennsylvania and around the country.
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