Democracy Now: HUD Halts Some Foreclosures in Storm-Hit Areas

The government has ordered a halt to home foreclosures on federally backed mortgages in areas devastated by last week’s Superstorm Sandy. On Monday, Housing and Urban Development Secretary Shaun Donovan said loans under the Federal Housing Administration would see a foreclosure moratorium for 90 days. The Housing Department also says it plans to pay for the hotel stays of some 34,000 displaced people in New York and New Jersey. New York City alone has up to 40,000 displaced residents in need of shelter, including 20,000 in public housing.

~ by wheresthemic on November 7, 2012.