Old Astoria Neighborhood Association calls for
relief of small landlords’ mortgage payments
BY ANGÉLICA ACEVEDO
Gov. Andrew Cuomo announced
he is implementing
a 90-day stop to all evictions
for residential and commercial
tenants on Friday, March
20 due to the COVID-19 pandemic
— after the Old Astoria
Neighborhood Association
(OANA) called for specific relief
of small landlords’ mortgage
payments.
“We request urgent action
to address pressing mortgage
payments for residential real
estate, in light of the economic
slowdown caused by
COVID-19,” OANA wrote in
an op-ed last week. “Specifically,
we’d like to emphasize
such urgency as it pertains to
single family units, condos,
co-ops and one to three multifamily
buildings.”
OANA added that while
they support relieving tenants
from evictions, “it cannot
be at the expense of homeowners
and landlords if
we want the private sector to
continue to provide single or
multifamily housing units.”
“Whether the owner has
lost their own job (affecting
single family, condos or
coops), or lost income from
their tenants (in multifamily
buildings), the repercussions
of failed mortgages can lead
to disaster,” OANA wrote.
The Astoria-based nonprofit
cited Wells Fargo as a
private bank that was only
“offering a one-time relief of
any penalties for late or nonpayment
of a mortgage” but
are still reporting it to the
credit bureaus.
A Wells Fargo spokesperson
told QNS that the company
is working on a daily
basis to provide support for
their customers impacted by
COVID-19. But they added
that they need to speak to customers
directly to help them.
“We are providing assistance
including fee waivers,
payment deferrals, and other
expanded assistance for credit
card, auto, mortgage, small
business and personal lending
customers who contact us,
and we will continue to communicate
with customers as
TIMESLEDGER | QNS.2 COM | MARCH 27-APR. 2, 2020
the situation evolves,” Wells
Fargo said in a statement.
Congresswoman Carolyn
Maloney (who represents Astoria)
led a request for a moratorium
on all foreclosures and
eviction with a letter signed
by 106 Congress members,
including Queens Congress
member Alexandria Ocasio-
Cortez, Nydia Velazquez and
Gregory Meeks, on Wednesday,
March 18.
The letter called for the
immediate, nationwide moratorium
on all foreclosures
and evictions from properties
owned, insured, or overseen
by Fannie Mae, Freddie
Mac, the Department of Housing
and Urban Development
(HUD), the Federal Housing
Administration (FHA), the
Department of Veterans Affairs
(VA), and the Department
of Agriculture (USDA)
in light of the developing coronavirus
epidemic.
Those federally-backed
agencies make up more than
60 percent of all mortgages in
the United States.
A spokesperson from Maloney’s
told QNS that this will
also apply to small landlords
who can’t pay their mortgages
due to the pandemic.
A few hours after that letter
was sent, the White House’s
administration announced
HUD would suspend foreclosures
and evictions insured
by FHA for at least 60 days.
The Federal Housing Finance
Agency also ordered
Fannie Mae and Freddie Mac
to suspend foreclosures and
evictions for any enterprisebacked
single-family mortgages.
“The announcement that
the Administration has
agreed to my request to suspend
foreclosure and eviction
actions should start to provide
some relief to members
of the Old Astoria Neighborhood
Association,” Maloney
said in a statement. “I am also
calling on private lenders to
suspend foreclosure and eviction
actions.”
Wells Fargo told QNS
that they have “temporarily
stopped all foreclosure-related
activity for loans” they
hold.
QNS File Photo
On March 20, OANA
President Richard Khuzami
thanked Gov. Cuomo for addressing
the issue and providing
more guidelines, such as
waiving mortgage payments
based on financial hardship,
no negative reporting to
credit bureaus, grace period
for loan modification, no late
payment fees or online payment
fees, and postponing or
suspending foreclosures.
Cuomo also asked the Department
of Financial Services
to instruct state chartered
banks to waive ATM fees, late
fees, overdraft fees and fees
for credit cards.
“Making common sense
directives to reduce the burden
we are all facing with the
pandemic makes a positive
resolution that much more
possible,” Khuzami wrote in
an op-ed. “We thank all our
officials, especially the local
and state elected, for taking
responsible actions for the
betterment of all. Let’s finish
the job, and defer the rental
payments also.”
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