European Lenders Help Borrowers Affected By COVID-19
March 13, 2020 9:02 AM

European lenders are implementing measures to help borrowers affected by the COVID-19 virus that has dealt a crippling blow to the entire world. Some of these measures include a relief period that would help mortgage borrowers defer their payments.

Nordea Bank, biggest lender in the Nordic region, has agreed to allow personal and business customers periods of up to six months without paying their mortgage installments, according to Nasdaq.

"Nordea is a very well-capitalized bank with a strong balance sheet and it gives us a solid platform to help our customers," Nordea CEO Frank Vang-Jensen said, according to the report.

Meanwhile, First Direct, a lender owner by HSBC UK, is giving borrowers the option to extend their mortgage term or switch the rate for customers affected by COVID-19. The company is also working with the UK government to help identify issues that may arise, along with possible solutions, according to Property Wire.

Here in the U.S., a bill sponsored by Rep. Tulsi Gabbard, seeking "direct emergency economic stimulus for individual Americans" has been introduced to the House of Representatives. The bill suggests that individual taxpayers receive direct assistance, as the virus continues to cause economic concern. The bill states:

Whereas every individual taxpayer should receive the direct assistance necessary
       to weather the effects of this global pandemic, and Congress must ensure
       that individuals most impacted by this crisis will receive economic
       relief to address their financial needs, including assistance with
       mortgage payments, student loans, and other debt obligations

The COVID-19 virus has certainly impacted borrowers, leaving companies and government officials scrambling to find ways to alleviate the situation. To learn more about the proposed bill for US taxpayers, click here.

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