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Newsom announces banks offering 90-day grace period for housing mortgages

Newsom
Posted at 2:00 PM, Mar 25, 2020
and last updated 2020-03-25 17:16:20-04

SACREMENTO, Calif. — Governor Gavin Newsom announced Wednesday four out of the five largest banks have agreed to a 90-day grace period for residential mortgage payments for those impacted by coronavirus.

Newsom said in a press conference that Wells Fargo, Citi, JPMorgan and US Bank have agreed to this. Bank of America is currently only giving a 30-day grace period.

Newsom said that he hoped that Bank of America would reconsider and join Wells Fargo, U.S. Bank, Citibank, and JPMorgan Chase.

Newsom said they have a team reviewing the legal parameters surrounding housing evictions. He added they now have 4,305 hotel rooms in their "portfolio" across the state to help assist homeless residents at this time.

As of Wednesday morning, the state has tested 66,800 residents and 2,535 Californians had tested positive for coronavirus, Newsom said. That's a 17 percent increase from the day before, with 53 dead at this point.

More than 1 million Californians have filed for unemployment benefits this month, Newsom said.