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There should be a moratorium on evictions for non-payment of rent during this


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2020 Mar 23, 9:19am   1,368 views  40 comments

by Patrick   ➕follow (55)   💰tip   ignore  

http://www.ncpolicywatch.com/2020/03/21/special-pw-update-north-carolina-sheriffs-are-continuing-to-carry-out-evictions-during-pandemic/

North Carolina Supreme Court Chief Justice Cheri Beasley has ordered that eviction and foreclosure hearings be postponed 30 days until April 17, but some sheriffs across the state are using what they say is their discretion to continue enforcing eviction orders.

Notably, Durham County is one of the areas forging ahead.

“We’re legally required to do that,” said AnnMarie Breen, spokesperson for the Durham County Sheriff’s Office. “If we don’t serve them, there’s a legal consequence.”

She added Friday that the office “wants to do the right thing,” but that it is still trying to get clarification on how Beasley’s order applies to sheriffs. By statute, sheriffs have five days to carry out an eviction, also known as a “writ of possession,” from the court.


Sheriffs need the legal ability to refuse to evict.

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1   Shaman   2020 Mar 23, 9:29am  

Trump declared such a moratorium through April. IMHO it needs to be stronger. We need to suspend mortgage payments and rent payments for people affected by loss of income. Actually suspend the payments so when they go back to work there’s not a balloon payment of four months of mortgage and a potential foreclosure hanging over their heads. Same with renters! If the landlords are getting a mortgage holiday, no fair squeezing the renters during this time of national crisis!
And suspend whatever banking rules there may be that require them to make payments to whoever. I imagine banks can look to the Federal Reserve for liquidity. Didn’t that body reduce lending rates to 0%??? If so, why are the banks still charging interest on the mortgage loans?
Suspend mortgage loan payments during this time. That’s the only way to get us all through this crisis.
2   FortWayneAsNancyPelosiHaircut   2020 Mar 23, 9:32am  

Shaman says
Trump declared such a moratorium through April. IMHO it needs to be stronger. We need to suspend mortgage payments and rent payments for people affected by loss of income. Actually suspend the payments so when they go back to work there’s not a balloon payment of four months of mortgage and a potential foreclosure hanging over their heads. Same with renters! If the landlords are getting a mortgage holiday, no fair squeezing the renters during this time of national crisis!
And suspend whatever banking rules there may be that require them to make payments to whoever. I imagine banks can look to the Federal Reserve for liquidity. Didn’t that body reduce lending rates to 0%??? If so, why are the banks still charging interest on the mortgage loans?
Suspend mortgage loan payments during this time. That’s the only way to get us all through this crisis.


This would be good. Otherwise people are fucked the moment moratorium is over.
3   Hircus   2020 Mar 23, 9:41am  

I think the programs will get extended well past just 1 month. They probably didn't want to start with a long duration and spook the markets.
4   Patrick   2020 Mar 23, 12:46pm  

Nah, they know that mass foreclosures fuck themselves as well as the house owners.

They don't want to drive down their own equity. They just want owners to be AFRAID enough to do whatever it takes to keep paying that mortgage.
5   Reality   2020 Mar 23, 1:14pm  

How would retirees (and widows and orphans) and pension funds be able to pay property tax and utilities if there is no rent coming in and no mortgage payment? How would cities and towns be able to keep the water department running if there is no property tax payment and water bill payment? Should they disband the school district, police department and fire department too? One person's rent and mortgage payment is another person's income.

Since it's the government that forcibly preventing people from going to work and locking them in jail/house-arrest, it is the government's responsibility to compensate people for the income lost.

Banks only service most mortgage loans; they forward most of the payments to whatever pension fund bought the mortgage, minus a small service fee. Seems to me the financial hit on the elderly (and widows and orphans) alone would result in more deaths than the over-80yo susceptibility to the virus.
6   Ceffer   2020 Mar 23, 2:23pm  

So, people will eventually realize the cascade of negative consequences being imposed on them. Will they wise up? Trump is already saying the cure is worse than the disease.

The public perception has to swing back. The public has to realize that cutting your wrists to stop bleeding isn't going to work. Yes, there will be some disease casualties, as have happened before and will happen again, in the nature of disease when it isn't being manipulated for political purposes.
7   Bd6r   2020 Mar 23, 2:24pm  

APOCALYPSEFUCKisShostikovitch says
Knowing that they can completely blow up the world and get paid for the diabolical incompetence through bail outs has emboldened them to finally enslave the world.

ain't that the fucking truth
8   Patrick   2020 Mar 23, 5:43pm  

rd6B says
APOCALYPSEFUCKisShostikovitch says
Knowing that they can completely blow up the world and get paid for the diabolical incompetence through bail outs has emboldened them to finally enslave the world.

ain't that the fucking truth


Yes, it's totally possible that Wuhan virus being exploited to do exactly that.
9   Shaman   2020 Mar 24, 7:48am  

Pelosi’s bill offers a moratorium on foreclosures, evictions, and credit report dings for a year, as well as offering a mortgage holiday for a year and free rent to people in state owned properties...
10   Misc   2020 Mar 24, 7:58am  

Shaman says
Pelosi’s bill offers a moratorium on foreclosures, evictions, and credit report dings for a year, as well as offering a mortgage holiday for a year and free rent to people in state owned properties...


Is the Federal government going to pick up those payments?
11   RWSGFY   2020 Mar 24, 8:08am  

Shaman says
Pelosi’s bill offers a moratorium on foreclosures, evictions, and credit report dings for a year, as well as offering a mortgage holiday for a year and free rent to people in state owned properties...


On yesterday's NPR show with SF mayor some landlord called in and said that his tenants have already informed him that they won't be paing rent this month. Including ones that still have their jobs and continue working remotely. I wonder how the bill addresses situations like that. By giving the landlord a mortgage holiday?
12   Misc   2020 Mar 24, 8:28am  

Those landlords and holders of mortgages don't have expenses. I mean their pensioners are all rich and can forego a check or two.
13   KgK one   2020 Mar 24, 8:28am  

Banks need to ease up on mortgage also, most landlords have to pay mortgage and if no rent then they cant afford mortgage.
14   Misc   2020 Mar 24, 8:31am  

Banks really have eased up on loan repayments. Most are just tacking the payment onto the end of the note. They are even doing so with no fees. Of course, they're gonna run out of money doing this; but they know they're gonna need a bailout... so they're playing nice.
15   RWSGFY   2020 Mar 24, 8:38am  

Misc says
Those landlords and holders of mortgages don't have expenses. I mean their pensioners are all rich and can forego a check or two.


Right.
16   RWSGFY   2020 Mar 24, 8:39am  

Misc says
Banks really have eased up on loan repayments. Most are just tacking the payment onto the end of the note. They are even doing so with no fees. Of course, they're gonna run out of money doing this; but they know they're gonna need a bailout... so they're playing nice.


Haven't heard anything about that from my mortgage holder yet.
17   zzyzzx   2020 Mar 24, 8:40am  

If the shutdown ends at the end of this or next week, do you still want moratoriums?
18   Misc   2020 Mar 24, 8:41am  

TEOTWAWKI says
Misc says
Banks really have eased up on loan repayments. Most are just tacking the payment onto the end of the note. They are even doing so with no fees. Of course, they're gonna run out of money doing this; but they know they're gonna need a bailout... so they're playing nice.


Haven't heard anything about that from my mortgage holder yet.


Call up and ask them.
19   Misc   2020 Mar 24, 7:01pm  

Well in Arizona, a Republican kinda place, the governor just put in a moratorium on evictions for 120 days. It was just give the notice and bam 5 days later the sheriff would evict them (like I said a Republican kinda place). Now 120 days of freeloading.

I figure California will have to outdo Arizona...probably make the landlord pay the renter for the privilege of keeping the vandals away or some such nonsense.
20   RWSGFY   2020 Mar 24, 7:04pm  

Misc says
I figure California will have to outdo Arizona...probably make the landlord pay the renter for the privilege of keeping the vandals away or some such nonsense.




Don't give them ideas!
21   FuckTheMainstreamMedia   2020 Mar 24, 7:07pm  

TEOTWAWKI says
Misc says
I figure California will have to outdo Arizona...probably make the landlord pay the renter for the privilege of keeping the vandals away or some such nonsense.




Don't give them ideas!


No shit. California politicians give way other people’s money like most of us breathe air.
22   BayArea   2020 Mar 24, 8:27pm  

Patrick says
Nah, they know that mass foreclosures fuck themselves as well as the house owners.

They don't want to drive down their own equity. They just want owners to be AFRAID enough to do whatever it takes to keep paying that mortgage.
This is spot on.
23   just_passing_through   2020 Mar 24, 8:56pm  

Shaman says
If the landlords are getting a mortgage holiday, no fair squeezing the renters during this time of national crisis!


Some of you guys are funny. Sound like Bernie. There are LOTS of other expenses beyond mortgages for owners. Also, my understanding is the mortgage pause is just forbearance. The bank is going to want a giant balloon payment afterwards.

I smell lots of foreclosures in the works.

I gave 5K back to vacationers in Maui and will probably be giving more. I didn't have to give them anything.

Feeling much better about owning houses Texas vs. California. I've treated my renters fairly, buy new shit when it breaks, put them in nice hotels on the SA riverwalk if it's super inconvenient (water heater at thanksgiving) and have never raised rent. If any of those fuckers don't pay I'm kicking they asses out!

Plus I just got notice that my 6 day work from home stint is about over. Looks like layoffs at my little local biotech are about to start. It'll either (a) get me or (b) I'll get an offer at one of the spin-offs that they say they'll have a few positions for.

So glad I'm not a landlord in commiefornia.
24   just_passing_through   2020 Mar 24, 9:01pm  

Shaman says
That’s the only way to get us all through this crisis.


No there are other ways, like SAVING for such a situation. I really felt ripped off in 08, things like houses should have gone on sale. Bull shit is happening again. I'll be 'fine' because I saved for just such an event but god damn I'm about to get screwed again.

Let people like me work the angles of market discovery! We'll all be better off 30 years from now.

Or we can be Argentina. No joke.
26   Heraclitusstudent   2020 Mar 24, 9:45pm  

Patrick says
There should be a moratorium on evictions for non-payment of rent

What about the landlords?
Should they get a moratorium on paying taxes and mortgages?
27   RWSGFY   2020 Mar 24, 9:47pm  

Heraclitusstudent says
Patrick says
There should be a moratorium on evictions for non-payment of rent

What about the landlords?
Should they get a moratorium on paying taxes and mortgages?


Seems like the mortgage moratorium is coming but no word on the taxes yet.
28   Patrick   2020 Mar 24, 9:56pm  

Heraclitusstudent says
Should they get a moratorium on paying taxes and mortgages?


Yes, for exactly the same amount of money they didn't collect from their renters.
29   just_passing_through   2020 Mar 24, 10:03pm  

Patrick says


True but don't take any more out of my hide. Go after Bezos.
30   just_passing_through   2020 Mar 24, 10:03pm  

Patrick says
Yes, for exactly the same amount of money they didn't collect from their renters.


Works for me! Except I don't want anything. I just expect to be able to enforce my contract. Plenty of places for my tenants to move to in San Antonio that are cheaper. Time to move to an apartment. Everywhere is not like coastal California so don't let that color filter blind you to how much of a fuck up Federal enforcement of that sort of thing would be.
31   Heraclitusstudent   2020 Mar 24, 10:22pm  

Patrick says
Heraclitusstudent says
Should they get a moratorium on paying taxes and mortgages?


Yes, for exactly the same amount of money they didn't collect from their renters.

And then the banks should have a moratorium on paying interests on Mortgage Backed Securities.
And the funds that hold MBS should have a moratorium on paying income to retired people that invest in them.
And retired people... ???
Not to mention there are contractual relations in this chain with specific penalties for non-payments. This can't be modified easily.
32   BayArea   2020 Mar 24, 10:37pm  

Patrick says


Which billion dollar corporations are on the brink of bankruptcy?
33   Eman   2020 Mar 24, 10:49pm  

BayArea says
Patrick says


Which billion dollar corporations are on the brink of bankruptcy?


MFA Financial, Inc is on the verge of going BK. It had a market cap of $3.6B just last month.
34   Misc   2020 Mar 26, 5:23am  

Which billion dollar corporations are on the brink of bankruptcy?

All of them with commercial paper were, until the Fed bailed out the commercial paper market.
35   Malcolm   2020 Mar 26, 5:45pm  

The only thing I don't like about it is that tenants get goofy once their past due amount exceeds their deposit. It is a reasonable request given the emergency.
36   Patrick   2020 Mar 27, 2:57pm  

https://www.latimes.com/homeless-housing/story/2020-03-27/coronavirus-newsom-eviction-ban-california

Gov. Gavin Newsom on Friday announced a temporary ban on evictions statewide for those affected by the novel coronavirus.

The measure prevents the evictions of renters over the nonpayment of rent through May 31. It covers those who have lost work because of the pandemic, have become sick or have had to take care of family members with COVID-19. Law enforcement and the court system also would be prohibited from executing evictions while the order is in effect.

Renters would still be required to eventually pay all the rent they owe, and must notify their landlords in writing within seven days of their nonpayment, according to the governor’s executive order.

The order, which comes days before many rent payments are due on April 1, is stronger than prior action the governor had taken to allow cities and counties to pass their own moratoriums on evictions. Since then, housing activists around California and some legislators had been urging Newsom to go further. About 50 of the state’s 539 cities and counties have passed their own anti-eviction measures since the pandemic began, according to a letter to Newsom from more than dozen lawmakers this week.


Who knew that Gavin Newsom reads patrick.net? Lol.
37   Al_Sharpton_for_President   2020 Mar 27, 3:05pm  

What about auto loans since that is home to a lot of Californians.
38   Shaman   2020 Mar 27, 3:15pm  

Restaurant owners could really use a moratorium on rent for a couple months. Predatory landlords are salivating over squeezing their customers and even seizing their businesses for back pay. Restaurant owners don’t deserve this. The government needs to make them whole because the government caused them to shut down.
39   Patrick   2020 Mar 27, 9:47pm  

OK, but remember that the government is us. At least it's going to be our money in the end.
40   WookieMan   2020 Mar 28, 7:10am  

Patrick says
OK, but remember that the government is us. At least it's going to be our money in the end.

This is the difficult part in all this. Half the people in this country have not put a dime in for decades, yet they're getting free money now. If you pay federal taxes, this is all bad for you regardless if you get a stimulus check. You're likely to pay more back than what you get in the long run.

The loss of sales taxes is going to be epic. IL is talking of keeping lockdown until late April now.... it's still March. May and June are the last two months of the fiscal year for most municipalities in IL. Most towns will be out of money by May and June as sales tax states (the municipalities/cities) rely on that for a ton of revenue.

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