(RightWing.org) – Far-left congresswoman Ilhan Omar (D-MN) has introduced a new bill — The Rent and Mortgage Cancellation Act — she says will help Americans hold on to their homes during the coronavirus pandemic. Sounds good, right? But, it’s likely to cost a fortune and could prove disastrous to landlords and mortgage lenders.
Omar’s plan is to cancel rent and mortgage payments for all Americans during the pandemic, whatever their employment status or income. She wants the complete cancelation of these payments, too, retroactive to March 13, 2020. Renters and homeowners would accumulate no debt, and credit ratings wouldn’t be affected.
✅ Keep people on payrolls
✅ Provide financial relief.
✅ Protect public health
— Ilhan Omar (@IlhanMN) April 19, 2020
Putting a dollar amount on the sum-total of all rent and mortgage payments each month is a nearly impossible task. However, in 2017, renters in America paid a total of $485.1 billion to landlords and in the third-quarter of 2019 homeowners were carrying $11.1 trillion in mortgage debt.
That is a massive amount of money to take away from property owners and lenders every month no matter what. And, the best they can come up with is the vague notion of “setting up a fund” to cover the cost. Somehow. Sometime. Probably.
Omar’s plan is supported by her fellow members of the notorious “Squad” – Alexandria Ocasio-Cortez (D-NY), Ayanna Pressley (D-MA) and Rashida Tlaib (D-MI). In true fashion, they’ve tacked on a list of further demands, including a halt on all deportations of illegal immigrants, a fund to allow non-profits, co-ops or government to purchase private housing, and the extension of relief payments to illegals.
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