DETROIT – “It definitely, you know, helps address or prevent a kind of immediate catastrophe. However, it still leaves a lot to be desired. And a lot unresolved,” said Tristan Taylor with Detroit Will Breathe.
Detroit Will Breathe has been fighting to stop evictions throughout the pandemic and points out this extension only applies to government-backed mortgages.
“It’s just another way that black and brown working class people are disproportionately affected by the crises of capitalism in the global pandemic,” said Taylor.
President Joe Biden’s administration stated, ”Extending forbearance policies will provide critical support to homeowners of color, who make up a disproportionate share of borrowers with delinquent loans and loans in forbearance due to COVID-related hardship.”
While the extension gives struggling homeowners some breathing room, financial expert Thomas Hakim says it doesn’t address underlying issues.
“Until you tell people and help people and show people how not to be in this situation and what to do if it does come along with how many extensions, you could have 10 extensions, it’s not going to help anybody,” said Hakim.
The Biden administration estimates the extension will benefit 2.7 million homeowners and extend forbearance options for nearly 11 million government backed mortgages.
“I’m glad it got extended. And I think what needs to go with that is some advice as to how do you prepare for things, you know when they come down the road when it’s not extended anymore,” said Hakim.