Former Governor Scott Walker Asks Financial Institutions To Defer Mortgage Payments
From a post on former Governor Scott Walker’s Facebook Page:
Financial institutions in the United States should announce that mortgage payments may be deferred for up to six months. This would provide peace of mind for millions of people who have lost their jobs, been laid off, or are seeing significant income reductions. Customers with mortgages at these financial institutions could skip their payments for the next six months and then add them on to the end of the loan.
Financial institutions have used deferments in limited situations in the past. The unique circumstances of the current crisis warrant this option being made available to the masses. This option does NOT require action by the government. Financial institutions can do this on their own.
Today, I am asking the financial institutions of our country to announce a plan to allow Americans to defer their mortgage payments for up to six months. We are all in this together, and this would dramatically lower the stress level in the United States.
See my letter below ⬇️
March 19, 2020
American Bankers Association
1120 Connecticut Ave NW
Washington, D.C. 20036
Credit Union National Association
5710 Mineral Point Road
Madison, WI 53705
Mortgage Bankers Association
1919 M Street NW, 5th Floor
Washington, D.C. 20036
To the Financial Institutions of America:
America is going through an unprecedented crisis. First and foremost, we must focus on the health and safety of our fellow citizens. Dramatic efforts are taking place by both the public and private sectors to reduce the number of people infected by the coronavirus and to care for those who are infected. This must be our priority.
At the same time, millions of Americans are losing their jobs, being laid off, or seeing dramatic reductions in their monthly income. One of the major concerns for so many is how they are going to pay the bills during these uncertain times. Top of the list for most Americans is concern over how they are going to make their mortgage payments.
Historically, financial institutions have used deferments in limited situations in the past. The unique circumstances of the current crisis warrant this option being made available to the general public. This option does NOT require action by the government. Financial institutions can do this on their own.
Financial institutions in the United States should announce that mortgage payments may be deferred for up to six months. This would provide peace of mind for millions of Americans. Customers with mortgages at these financial institutions could skip their payments for the next six months and then add them on to the end of the loan.
Today, I ask the financial institutions of our country to announce a plan to allow Americans to defer their mortgage payments for up to six months. We are all in this together, and this would dramatically lower the stress level in the United States.
Thank you for your thoughtful consideration.
Sincerely,
Scott Walker
45th Governor of Wisconsin 2011-2019