- JPMorgan Chase, Wells Fargo, Citi, and US Bank will issue a 90-day waiver on residential mortgage payments in California, Gov. Gavin Newsom announced on Wednesday.
- About 200 state charter banks and credit unions will also issue the waivers.
- Bank of America will do so for 30 days, the governor said.
- Newsom said he was working with the banks on accounting for ATM fees and overdraft charges and hoped to announce a solution soon.
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Homeowners in California who pay mortgages to JPMorgan Chase, Wells Fargo, Citi, or US Bank will receive a 90-day waiver on mortgage payments, California Gov. Gavin Newsom announced on Wednesday at a press conference.
About 200 of the state’s charter banks and credit unions will also issue waivers for 90 days, Newsom said.
Newsom said “unfortunately Bank of America did not publicly commit” to 90 days but that it would give a 30-day waiver.
“I hope they will reconsider and join those other banks that are willing to do the right thing,” Newsom said.
A Bank of America spokesperson told Business Insider that “Bank of America is deferring mortgage payments on a monthly basis until the crisis is over.”
Newsom said California lacked outright regulatory power over the four banks and thanked them for “recognizing the sensitivity to their customers” and the impact on their credit ratings that a missed mortgage payment could have.
The governor also said he was working with the banks to negotiate solutions for people paying bank charges like ATM and overdraft fees because of the economic fallout from the coronavirus.
New York Gov. Andrew Cuomo said last week that he would suspend mortgage payments for people for 90 days, according to Politico, though it is unclear when or how the deferrals will go into effect. Cuomo also said credit-card and ATM fees and overdraft charges would be waived.
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