March 25, 2020
California Gov. Gavin Newsom announced Wednesday he has been working with more than 200 financial institutions, including major banks, to support homeowners who may face difficulty making mortgage payments as a result of the COVID-19 pandemic. The Governor said that four of the five major banks have agreed to a 90-day forbearance for Californians facing mortgage payments difficulties, as well as a moratorium on foreclosures.
The banks publicly saying they’d adopt a 90-day waiver of mortgage and credit payments include Wells Fargo, US Bank, Citi and JP Morgan Chase. Bank of America agreed to a 30-day period.
Newsom said, “Some 200 state chartered banks and credit unions have committed to the state of California that they will provide forbearance on foreclosures and on mortgage payments for the next 90 days.”
Newsom also hailed an agreement between the White House and the U.S. Senate on a $2-trillion national emergency relief package intended to help Americans navigate through the economic impacts of the coronavirus.
For comments, questions or concerns, please contact Dennis Kaiser