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46 RENTAL RELIEF NEEDED NOW Beginning March 27, 2020, when President Trump signed the CARES Act into law, the state of evictions across the United States has resembled a roller-coaster. Tenants and landlords continue to face uncertainty, inconsistency, and looming final actions whenever the ride ends. 26 e CARES Act placed a moratorium through the end of 2020, now extended through January 31, 2021, on foreclosures and evictions for loans owned by Fannie Mae, Freddie Mac, VA, and USDA, affecting about two-thirds of the single-family residential lending market. 27 e Federal Housing Administration, the U.S. Department of Veterans Affairs, the Department of Agriculture, and Fannie Mae and Freddie Mac issued foreclosure and eviction moratoria that cover households living in properties insured or guaranteed by these agencies, which cover about 70% of all outstanding mortgage holders or 33.4 million homeowners. Homeowners with fully private mortgages held by banks or private investors, about 14.6 million homeowners, were not covered. As mentioned, eviction moratoria for the 70% of outstanding government-owned/ insured mortgages have been extended to January 31, 2021. More than two-thirds of the 44 million renter households reside in properties mortgaged to private lenders.28 Rental housing in the United States continues to grow, over 3 million twenty-unit or more apartment complexes since 2003. And more of those tenants pay more for housing—30% or more of household income. 29 VULNERABILITY OF TENANTS ere are a few factors that make tenants more vulnerable to eviction, in addition to the lack of the CARES moratoria. First, renters tend to have less income than homeowners. e median renters' income in 2018 was $40,531 compared to $78,945 for homeowners.30 Renters also tend to have less savings, less access to credit, and lower job and income stability. 31 Legal Industry Update NATIONAL FOCUS By:Michelle Garcia Gilbert Mortgage owner/insurer/guarantor Number of mortgages outstanding Share COVID-19 relief announced Federal Housing Administration 7,300,000 15% Foreclosure and eviction moratorium; mortgage forbearance (PDF) U.S. Department of Veterans Affairs 3,200,000 7% Foreclosure moratorium (PDF) U.S. Department of Agriculture 900,000 2% Foreclosure moratorium Fannie Mae and Freddie Mac (government-sponsored enterprises) 22,000,000 46% Foreclosure and eviction moratorium; mortgage forbearance Bank portfolios and private-label securities 14,600,000 30% Some banks are voluntarily following government- sponsored enterprise guidelines for their portfolio loans Total SF loans 48,000,000 100% Sources: Urban Institute calculations based on 2018 American Community Survey and eMBS.