Newsom announces financial institutions will provide relief for vast majority of Californians; financial institutions agree not to negatively impact credit reports as a result of accepting payment relief
By Miriam Raftery
File photo during rally in Ramona to stop foreclosures during prior mortgage foreclosure crisis
March 29, 2020 (Sacramento) -- Governor Gavin Newsom announced on March 25 that financial institutions will provide major financial relief for millions of Californians suffering financially as a result of the COVID-19 outbreak.
Newsom secured support from Citigroup, JPMorgan Chase, U.S. Bank, and Wells Fargo and nearly 200 state-chartered banks, credit unions, and servicers to protect homeowners. (The order does not apply to commercial mortgages, however some cities have adopted broader protections.)
“Millions of California families will be able to take a sigh of relief,” said Governor Newsom. “These new financial protections will provide relief to California families and serve as a model for the rest of the nation. I thank each of the financial institutions that will provide this relief to millions of Californians who have been hurt financially from COVID-19.”
Under the Governor’s proposal, Californians who are struggling with the COVID-19 crisis may be eligible for the following relief upon contacting their financial institution: