Home lenders: Don’t let them profit from pandemic

The US government should mandate the banks at this time to allow homeowners to skip their mortgage payments when theirs or their tenants’ incomes plummet due to coronavirus. The banks are getting free mortgage insurance paid by their customers.

Government leaders should do the right thing right now and mandate the banks to fall back on that insurance, without charging homeowners any penalties or interest during the months they have no income or a lower income. That way, people can stay home from work and stay safe and not worry about losing their homes.

Do not allow banks to prosper from this disaster. When banks foreclose, they will resell the properties at the top dollar of today’s market.

Homeowners and landlords affected by coronavirus should have a grace period for the months they can’t afford to pay their mortgages.

This story was originally published March 19, 2020 at 3:57 PM with the headline "Home lenders: Don’t let them profit from pandemic."