Banks Offer Mortgage Relief for Californians

Governor Gavin Newsom announced that five major financial institutions are providing mortgage relief for Californians impacted by recent wildfires in the Los Angeles area. Bank of America, Citi, JPMorgan Chase, U.S. Bank, and Wells Fargo have committed to a 90-day grace period on mortgage payments. During this time, lenders will waive late fees, avoid reporting missed payments to credit agencies, and suspend new foreclosures and evictions for at least 60 days. This initiative aims to provide financial stability for homeowners as they recover from the disaster. Newsom praised the collaboration between the state and financial institutions to address the needs of affected residents.