Courthouse News reports:
California Gov. Gavin Newsom delivered a dose of good news for homeowners on Wednesday, announcing the nation’s largest banks will voluntarily freeze mortgage payments for 90 days on families mired in the Covid-19 crisis.
Newsom said the agreement is the result of weeks of negotiations with the heads of banks like Wells Fargo, U.S. Bank, JPMorgan Chase and Citi as well as over 200 state banks and credit unions. The nonbinding agreement won’t have an income restriction, but applicants will have to document pandemic-related hardships.
#DEVELOPING: California Gov. Gavin Newsom announces Wells Fargo, Citi, and JP Morgan Chase are committing to a 90-forbearance on mortgage payments in the state amid the COVID-19 pandemic.
He called out Bank of America for only offering a 30-day forbearance to homeowners.
— Jennifer Franco (@jennfranconews) March 25, 2020
To our mortgage customers – if you are impacted by Coronavirus you can request to defer your payments on a monthly basis until this crisis is over. https://t.co/OtvewifQPt
— Bank of America News (@BofA_News) March 25, 2020