California Gov. Newsom says 5 banks to waive mortgage fees

Posted at 1:45 PM, Mar 25, 2020
and last updated 2020-03-26 07:52:50-04

SACRAMENTO, Calif. (AP) -- California Gov. Gavin Newsom says five of the nation's largest banks have agreed to temporarily suspend  residential mortgage payments for those affected by the coronavirus.

Newsom says Wells Fargo, US Bank, Citi and JP Morgan Chase have agreed to delay mortgage payments for 90 days. Bank of America has agreed to a one-month deferment that could be extended.

The virus has devastated the state's economy; more than 1 million Californians filed for unemployment benefits since March 13.

A tally by Johns Hopkins University found nearly 3,000 confirmed coronavirus cases in California and at least 65 deaths.

Newsom said California will receive $10 billion from the stimulus bill -- $5.5 billion for the state, $4.5 billion for cities and counties.