Forbes:
Here’s what you need to know.
Mortgages
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.
So, all the lower class people not wealthy enough to afford buying a home, the barely getting by renters and such, what’s he going to do for them?
Or don’t the lowest classes of working people count for anything to the Left?
Yes, because houseowners didn’t cause this health crisis. The banks that hold the mortgages did. So the Banks should be the ones to suffer.
(Chuck Barris hitting gong)
Will Shylocks be limited in the amount of bones they can break?
So now the mortgage holders have nothing for their employees to do for the next 90 days? How does a governor justify being an interloper in a contract between two consenting adults? That’s for the mortgagor and mortgagee to decide. And why the ATM fees? Ain’t nothing to spend the money on, anyway. The only time you need cash is to buy dope and “companionship” – well, maybe guns (at least in NY).
This pretend “crisis” is bringing out all the maggots – though Cuomo proved himself a maggot long before this.
izlamo delenda est …
I don’t see how Cuomo has the legal authority to do this.
Aside from the unconstitutional confiscation of private property and impairment of contract, remember that some mortgages are held by private individuals or federally-regulated organizations.
As for credit card “fees”… perhaps Cuomo should be lobbying for usury laws to be put back into place. The interest rates that have skyrocketed over the past decade while, ironically, the prime rate has been at historic lows, are themselves tyrannical. Ditto the school loan interest rates which sit in the same place they were during the Carter administration’s double-digit mortgage interest and worse now are paid to the government.
Fredo’s brother also is shutting down all but essential work in NY, killing the market recovery.
Let the bastards suspend property taxes. They are usually included in the mortgage statement.
FYI, that ain’t gonna’ happen
So, the State of NY has taken over the banks already?
Wasn’t he supposed to wait til next month?
The left is pouncing like a cat on a mouse, they have things where they want them and are not going to let it get away from them.
once you give up your rights you will need a gun to get them back