Mar 25, 2020, 18:31 pm
Homeowners in California paying a mortgage to JPMorgan Chase, Wells Fargo, Citi, or US Bank will receive a 90-day waiver on mortgage payments, California Gov. Gavin Newsom said.
Around 200 of the state's charter banks and credit unions will also issue waivers for 90 days, Newsom announced during a Wednesday press conference.
Newsom noted that California lacks outright regulatory power over the four banks, and thanked them for "recognizing the sensitivity to their customers" and the impact on their credit ratings that a missed mortgage payment could have.
The governor also said that he is working with the banks to negotiate solutions for people paying bank charges like ATM and overdraft fees because of the economic fallout from the coronavirus.
New York Gov. Andrew Cuomo said last week that he would suspend mortgage payments for individuals for 90 days, according to a report by Politico, though it is unclear when or how the deferrals would go into effect. Cuomo also said that credit card and ATM fees and overdraft charges would be waived.
https://www.businessinsider.com/californ...ays-2020-3
Around 200 of the state's charter banks and credit unions will also issue waivers for 90 days, Newsom announced during a Wednesday press conference.
Quote:Newsom said that "unfortunately Bank of America did not publicly commit" to 90 days, but will give a 30-day waiver.
"I hope they will reconsider and join those other banks that are willing to do the right thing," Newsom said.
Quote:A Bank of America spokesperson stated that "Bank of America is deferring mortgage payments on a monthly basis until the crisis is over."
Newsom noted that California lacks outright regulatory power over the four banks, and thanked them for "recognizing the sensitivity to their customers" and the impact on their credit ratings that a missed mortgage payment could have.
The governor also said that he is working with the banks to negotiate solutions for people paying bank charges like ATM and overdraft fees because of the economic fallout from the coronavirus.
New York Gov. Andrew Cuomo said last week that he would suspend mortgage payments for individuals for 90 days, according to a report by Politico, though it is unclear when or how the deferrals would go into effect. Cuomo also said that credit card and ATM fees and overdraft charges would be waived.
https://www.businessinsider.com/californ...ays-2020-3