State Watch

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

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

During a Wednesday briefing, Newsom said more than 200 banks, including Wells Fargo, Citibank, JPMorgan Chase and U.S. 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 4,305 hotel rooms across the state have been made available for the homeless in California via an emergency grant.

The state is also restricting intake into to 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 six to eight weeks.

Newsom also announced California has distributed 24.5 million surgical masks and ordered 100 million more. He said California is “pulling its weight” when it comes to finding and purchasing the medical equipment needed.

The governor’s announcement comes as the Senate mulls a $2 trillion stimulus bill.

Tags Banks Coronavirus economy Gavin Newsom Mortgage
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