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CARES ACT (15 USC 9058)

Landlord must provided Tenants with at least Thirty (30) Days to vacate if the property is Covered under the CARES Act.  This means that you may have to serve a 30 Day notice to pay or vacate, instead of Washington state's requirement of of 14 days.   

https://uscode.house.gov/view.xhtml?req=(title:15%20section:9058%20edition:prelim)

• Covered property The term "covered property" means any property that-

  • (A) participates in-
    • (i) a covered housing program (as defined in section 12491(a) of title 34); or
    • (ii) the rural housing voucher program under section 1490r of title 42;    OR
  • (B) has a-
    • (i) Federally backed mortgage loan; or
    • (ii) Federally backed multifamily mortgage loan.

• Under the participation in federal housing programs prong, a “covered property”

  • Includes any property that is covered by the Violence Against Women Act.
  • Note that VAWA coverage extends not only to HUD-subsidized low-income housing programs
  • (such as public housing and housing choice vouchers)
  • but also reaches properties participating in the (U.S. Department of Agriculture’s) Rural Development housing programs
  • and the Low-Income Housing Tax Credit program (administered through the U.S. Department of Treasury).
  • if Any Unit participates in a covered housing program, the entire property is considered to be covered under the CARES Act

• Federally-backed mortgage loans include loans secured by any lien on a residential property with 1-4 units that is

  • (A) is secured by a first or subordinate lien on residential real property,
    • including any such secured loan, the proceeds of which are used to prepay or pay off an existing loan secured by the same property; and
  • (B) is made in whole or in part, or insured, guaranteed, supplemented, or assisted in any way,
    • by any officer or agency of the Federal Government
    • or under or in connection with a housing or urban development program administered by the Secretary of Housing and Urban Development (HUD)
    • or a housing or related program administered by any other such officer or agency,
  •        OR is purchased or securitized by
    • the Federal Home Loan Mortgage Corporation Freddie Mac FHLMC)
    • or the Federal National Mortgage Association.  Fannie Mae FNMA
  • While the Fannie Mae and Freddie Mac-owned loans are best-known for being covered under the CARES Act, other federally-backed loans include those insured by the Federal Housing Administration (FHA), Veterans Administration, U.S. Department of Agriculture and HUD’s Section 184 Indian Home Loan Guarantee program.  

• A federally-backed multifamily mortgage loan

  • has the same definition, except that is secured by a property with five or more dwelling unit 

What percentage of conventional home loan mortgages are purchased or securitized by Fannie Mae or Freddie Mac?

• Fannie Mae and Freddie Mac purchase or securitize approximately 70% of all home loans originated by lenders.
• Conventional mortgages—those not directly insured by the government (FHA/VA)—make up about 73% of single-family home purchases.
• Because most lenders intend to sell these loans to the GSEs, they follow the Fannie Mae and Freddie Mac eligibility guidelines, known as "conforming" loan limits. 
• These two Government-Sponsored Enterprises (GSEs) together guarantee or hold 52% to 57.4% of all outstanding residential mortgage debt in the United States.
• Secondary Market Share: 
  • Fannie Mae and Freddie Mac's securitized mortgages represent about 65% of the total secondary mortgage market.\
• Outstanding Debt Composition:
  • GSEs (Fannie & Freddie): ~52% ($6.5 trillion) of all mortgage balances.
  • Government-Backed (FHA/VA via Ginnie Mae): ~19% ($2.5 trillion).
  • Private/Other: Remaining balances held by banks or private-label securitizations.
• Agency MBS Breakdown: 
  • In the agency mortgage-backed securities (MBS) market, Fannie Mae typically holds a 39.6% share, Freddie Mac 33%, and Ginnie Mae 27.4%.