California governor, big banks agree to 90-day mortgage grace period

[RandySF]

California Gov. Gavin Newsom (D) announced Wednesday that major banks have agreed to give a 90-day grace period for mortgage payments in the state.

During a Wednesday briefing, Newsom said more than 200 banks, including Wells Fargo, Citi Bank, JPMorgan Chase and US Bank, agreed to the moratorium for homeowners.

“Families should not lose their homes because of COVID-19. Very pleased that Wells Fargo, Citi, JPMorgan, and US Bank have agreed to a 90-day grace period for mortgage payments for those impacted by #COVID19,” he tweeted, calling it a “big sigh of relief for millions of CA families.”

Newsom also said that there are currently 4,305 hotel rooms across the state that have been made available for the homeless in California via an emergency grant.

The state is also restricting intake into the California prison system, focusing on isolating prisoners and not mixing prison populations.

Monday's briefing came less than a week after the governor called for a statewide "stay at home" order to combat the COVID-19 outbreak. Newsom said he wasn’t confident the lockdown would end in early April, saying experts will make a more definitive move in the next 6 to 8 weeks.


https://thehill.com/homenews/state-watch/489549-gov-newsom-fargo-citi-jpmorgan-and-us-bank-agree-to-90-day-grace-period

[msongs]

1. one suspects a huge amount of mortgages NOT included, paper not held by only 4 banks because banks

frequently make a buck upfront then sell the mortgages to smaller players. I had a US bank mortgage and they sold it in less than 3 months

[Igel]

2. That's nice.

https://www.npr.org/2020/03/19/818343720/homeowners-hurt-financially-by-the-coronavirus-may-get-a-mortgage-break