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President Joe Biden is extending a ban on home foreclosures for federally backed mortgages by three months and expanding a mortgage relief program in a push to stabilize the nation's housing affordability crisis amid the COVID-19 pandemic, USA Today reported. The foreclosure moratorium was set to expire March 31 and instead will be in place through June 30. It's the second time Biden has extended the ban after he used one of his record number of Day One executive actions to push back a previous Jan. 31 end date. The Biden administration today also will extend the enrollment window to request a mortgage payment forbearance – which allows borrowers to pause or reduce mortgage payments – until June 30. That program also was scheduled to end in March. As a result of a third action, the federal government will now allow borrowers to defer mortgage payments for an additional six months. Eligible homeowners must be enrolled in a forbearance plan by the end of June.

Mortgage forbearance has been a financial lifeline for many Americans navigating the pandemic-ravaged economy, allowing homeowners to eliminate what is often their largest bill for months at a time. But the relief programs, largely designed to last a maximum of 12 months, are set to expire in the coming months, a serious challenge for borrowers who are still out of work or are earning less than they did pre-pandemic, the Wall Street Journal reported. More than half of 2.7 million active forbearance plans are set to end for good in March, April, May or June, according to mortgage-data firm Black Knight Inc. The federal Cares Act passed last March allowed borrowers to postpone payments on federally backed mortgages for as long as 12 months. About 75% of U.S. mortgages are guaranteed or insured by the U.S. government, according to Black Knight. Close to one in 10 homeowners signed up for forbearance at the peak of the program’s use last June. Like other consumer-relief programs crafted during the pandemic’s early, frenzied days — lenders also let struggling borrowers skip payments on credit cards and auto loans, and the government paused payments on federal student loans — mortgage forbearance was envisioned as a short-term fix, a way to buy time for the economy to recover and consumers to get back on their feet. The agreement has worked for many homeowners. Some paused their payments when they were laid off, then started paying again when they found new jobs. But others are still struggling. Fewer borrowers have exited forbearance plans in recent weeks, and the share of Americans unemployed for more than six months is rising.

A collapse in apartment rent collection during the pandemic is forging one of New York’s most unlikely political alliances, the Wall Street Journal reported. The Real Estate Board of New York, the property industry’s main lobbying group, has joined with New York’s Legal Aid Society, a nonprofit association that advocates on behalf of tenant rights. While these two groups are usually antagonists — and they are currently on opposite sides in a federal lawsuit over rent control — the pandemic has created common ground. Too many New York tenants can’t pay rent right now, which is making it harder for landlords to pay back their loans and causing tenant debt to pile up. Both sides want to address the issue with more government action, mostly in the form of streamlined rental assistance. Asking rents for one-bedroom apartments Manhattan have fallen almost 20% over the past year, according to listings website Zumper, after a number of renters fled the city for cheaper accommodations or more space while working from home during COVID-19. Many of those who stayed have fallen behind on their rent payments. A recent survey estimated that New York tenants may now be more than $2 billion in debt to their landlords. The joint industry and tenant lobbying effort includes other housing groups and goes by the name of “Project Parachute.” It was first organized by Enterprise Community Partners, Inc, an affordable housing nonprofit. It has been pressing its case with elected officials, such as state Sen. Brian Kavanagh, the chair of the state Senate’s housing committee.