Newsom Announces Mortgage Relief For Californians Affected By COVID-19

Newsom Announces Mortgage Relief For Californians Affected By COVID-19

March 25, 2020

 

Four of the five major national banks have agreed to a 90-day forbearance on mortgage payments for those affected by COVID-19, Gov. Gavin Newsom announced Wednesday.

 

Wells Fargo, US Bank, Citi and JP Morgan Chase have all agreed to waive mortgage payments for 90 days. Bank of America was the only one that did not commit to the 90-day forbearance. Bank of America agreed to commit to a 30-day forbearance period.Newsom said

 

Newsom noted that California does not have regulatory oversight over those banks, though many state banks and credit unions have also agreed to the grace period

 

When asked about a potential statewide moratorium on evictions for renters, Newsom said that the state reserves the right to look at measures if action isn't taken on the local level. He said that the state is looking at the legal parameters around the issue and that they hope to have clarity on the next steps in the next day or two.

 

When asked about whether gun stores should be considered essential businesses, Newsom said he would defer to local sheriffs on the issue.

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