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Photo: Mint Images/Getty Images

The Department of Housing and Urban Development and the Federal Housing Finance Agency announced foreclosures and evictions will be postponed as the coronavirus continues to negatively impact the U.S. economy

Yes, but: While the move will help more than 30 million American homeowners, it leaves behind the country's nearly 40 million renters who could likely struggle to pay their rent next month as hard financial times hit the country, The Washington Post reports.

Why it matters: David Dworkin, president of the National Housing Conference, told the Post giving renters the option to skip a few payments won't be enough since they will be under pressure to pay their past due amounts all at once. The debt could be unaffordable for many people, particularly those in low-wage jobs.

The big picture: "As renters and homeowners grapple with mass layoffs and business closures, housing advocates, the mortgage industry and banks are growing increasingly concerned that the country will soon face a housing crisis that will rival the one that helped nearly take down the economy a decade ago," the Post writes.

The state of play: There's already been an increase in the number of borrowers seeking help. The pause on evictions and foreclosures will last until mid-May but regulators said it could be extended.

The HUD order applies to single-family homeowners struggling to pay their Federal Housing Administration-supported mortgages, per the Post.

  • It also applies to Fannie Mae and Freddie Mac loans, which cover about 28 million Americans' mortgages.

Go deeper: Pentagon preparing coronavirus quarantine housing for up to 1,000 people

Go deeper

Updated 34 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

Dave Lawler, author of World
48 mins ago - World

Biden holds first phone call with Putin, raises Navalny arrest

Putin takes a call in 2017. Photo: Handout/Anadolu Agency/Getty

President Biden on Tuesday held his first call since taking office with Vladimir Putin, pressing the Russian president on the arrest of opposition leader Alexey Navalny and the Russia-linked hack on U.S. government agencies, AP reports.

The state of play: Biden also planned to raise arms control, bounties allegedly placed on U.S. troops in Afghanistan and the war in Ukraine, according to White House press secretary Jen Psaki, who said the call took place while she was delivering a press briefing. Psaki added that a full readout will be provided later Tuesday.

Biden signs racial equity executive orders

Joe Biden prays at Grace Lutheran Church in Kenosha, Wisconsin, on September 3, 2020, in the aftermath of the police shooting of Jacob Blake. PHOTO: Jim Watson/AFP via Getty Images

President Joe Biden on Tuesday signed executive orders on housing and ending the Justice Department's use of private prisons as part of what the White House is calling his “racial equity agenda.”

The big picture: Biden needs the support of Congress to push through police reform or new voting rights legislation. The executive orders serve as his down payment to immediately address systemic racism while he focuses on the pandemic.