S 3156
Federal Worker Mortgage Forbearance Act
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Bill overview
The Federal Worker Mortgage Forbearance Act provides a way for federal employees facing financial hardship due to government shutdowns to request and receive a temporary pause on their mortgage payments. This applies to federally backed mortgages, including those insured by various agencies like the Federal Housing Administration and the Department of Veterans Affairs. The bill establishes a ‘covered period’ during appropriations lapses and allows for a 90-day forbearance, preventing interest and fees from accruing during that time. It also includes changes to credit reporting to accurately reflect mortgage forbearances.
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