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Gov. Gavin Newsom on Wednesday announced that four major banks have agreed to grant a 90-day grace period for mortgage payments in California for those affected by the coronavirus outbreak.
Newsom said that four out of five of the nation’s largest banks – JP Morgan Chase, U.S. Bank, Wells Fargo and Citibank – have all committed to the moratorium. Bank of America only agreed to commit to a 30-day forbearance period.
“I hope they will reconsider and join those other banks that are willing to do the right thing by at least extending that commitment to their customers for at least 90 days,” he said during a Wednesday press conference.
Newsom noted that California does not have regulatory oversight over those banks, though many state banks and credit unions have also agreed to the grace period.
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