52
COVID-19 | Special Report
BRIAN D.
MONTGOMERY:
'THE FHA IS
OPEN FOR
BUSINESS'
Commissioner Brian D. Montgomery,
Assistant Secretary for Housing–Federal
Housing Commissioner for the Department
of Housing and Urban Development (HUD)
spoke exclusively with Five Star Global's
President and CEO Ed Delgado regarding
the current housing environment amidst the
outbreak of COVID-19.
"e FHA is open for business,"
Montgomery said.
Commissioner Montgomery said in the
interview that while the Administration faced
challenges early on in regards to the remote-
working environment, Montgomery said the
FHA is processing loans and getting back to
normal operations.
One of the biggest steps taken by the
FHA and the Department of Housing
and Urban Development (HUD), was the
announcement of a foreclosure and eviction
moratorium of at least 60 days.
"Today's actions will allow households
who have an FHA-insured mortgage to meet
the challenges of COVID-19 without fear of
losing their homes, and help steady market
concerns," said HUD Secretary Dr. Benjamin
Carson following the March announcement.
"e health and safety of the American
people are of the utmost importance to the
Department, and the halting of all foreclosure
actions and evictions for the next 60 days
will provide homeowners with some peace of
mind during these trying times."
HUD later announced that borrowers
with FHA-insured loans, if impacted by
COVID-19, can have their mortgage
payments deferred or reduced for up to
six months, and for servicers to provide
an additional six months of forbearance is
requested by the homeowners.
Montgomery said the actions taken
by HUD and the FHA since April 1 are
"beyond" normal protocols.
"We wanted to make sure we gave
homeowners some breathing room. ey are
going through a lot of the concerns about
their employment situation, things of that
nature, making their mortgage payments,
other financial obligations," Commissioner
Montgomery said. "We wanted to be able
to do something big that gave them some
breathing room as they face the challenges
ahead."
To listen to the full interview between
Commissioner Montgomery and Five Star's
Deglado, visit eFiveStar.com/news and find
the April 23 episode of the Critical Industry
Updates podcast.
