New York Governor Andrew Cuomo announced today at a press conference in Albany that he will suspend mortgage payments for 90 days for borrowers who face financial hardship such as losing their job. The announcement is intended to provide financial relief for those impacted by the coronavirus.
“This is a real-life benefit,” Cuomo said. “People are under tremendous economic pressure. Making a mortgage payment can be one of the number one stressors. Eliminating that stressor for 90 days, I think, will go a long way.”
Cuomo said he will also temporarily postpone or suspend foreclosures, and he will waive fees for ATMs, credit cards and overdrafts.
Student Loans and Other Action
- Earlier this week, Cuomo announced that New York will also halt collection of student loan debt. The halt, which will last until at least April 15, 2020 and also will include collection of medical debt.
- The temporary efforts are another example to help New Yorkers and everyday Americans with Financial relief for coronavirus ranging from how to pay off student loans to manage credit card debt.
- President Donald Trump signed a paid sick leave legislation to help Americans.
- Trump is waiving interest on federal student loans.
- Former Vice President Joe Biden says Student loans should be discharged in bankruptcy.
- Sen. Bernie Sanders (I-VT) is still calling for student loan forgiveness for all $1.6 trillion of student loan debt.
