(CNN) — President Donald Trump said Wednesday that his administration will suspend foreclosures and evictions on homeowners at least until the end of next month.
Speaking at the White House, Trump said the move from the Department of Housing and Urban Development would provide relief during the coronavirus outbreak.
“The Department of Housing and Urban Development is providing immediate relief to renters and homeowners by suspending all foreclosures and evictions until the end of April,” Trump said.
The department said in a statement later Wednesday that the ordered suspensions will apply to single family homeowners with Federal Housing Administration-insured mortgages.
“Today’s actions will allow households who have an FHA-insured mortgage to meet the challenges of COVID-19 without fear of losing their homes, and help steady market concerns,” Secretary Ben Carson said in the statement, adding the move “will provide homeowners with some peace of mind during these trying times.”
Federal Housing Commissioner Brian Montgomery said in the statement that the department’s “actions today make it clear where the priority needs to be.”
There are growing fears in the White House and on Capitol Hill that the coronavirus outbreak could send the economy into a damaging recession — and that aggressive intervention by Washington is needed immediately to reverse course.