New York Gov. Andrew Cuomo (D) confirmed a 90-day waiver for all mortgage payments on Thursday due to the “tremendous economic pressure” of the novel coronavirus pandemic.
Cuomo has ordered banks to temporarily suspend all mortgage payments over the next 90 days. All fees for overdraft, ATMs, and credit card uses will also be waived during this time. Furthermore, banks will be required to extend support by way of grace periods for loan modifications, and the suspension of foreclosures.
“We know people are experiencing tremendous economic pressure due to #COVID19,” Cuomo tweeted on Thursday afternoon. “To help, NYS will direct mortgage payments be WAIVED for 90 days based on financial hardship (w/ no late fees & no negative impact on credit). We will help New Yorkers suffering financially.”
We know people are experiencing tremendous economic pressure due to #COVID19.
To help, NYS will direct mortgage payments be WAIVED for 90 days based on financial hardship (w/ no late fees & no negative impact on credit).
We will help New Yorkers suffering financially.
— Andrew Cuomo (@NYGovCuomo) March 19, 2020
This good news comes in the wake of a new report confirming over 4,000 active coronavirus cases. The governor, however, believes that there could be “tens of thousands” more. On Wednesday in CNN’s Situation Room, Cuomo told Wolf Blitzer that increases in testing are “revealing more cases” and that he expects the contagion is “much more widespread than any of these numbers suggest.”
There is, however, one notable gap in the midst of this good news: the millions of New Yorkers who rent their homes, rather than owning them outright. “What about RENT?!?” WokeAF Daily host Danielle Moodie-Mills asked in response to the announcement. “65% of NYers do not own homes. Will you do the same for renters? I’ve already called your offices,” she added. At the time of this writing, there has been no official response.
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