On Wednesday, Newsom also made a major announcement for homeowners affected by the rippling financial effects of the pandemic
Several major banks and other financial institutions have agreed to delay foreclosures and provide mortgage relief to California homeowners
who are struggling to make their monthly payments due to the outbreak. Newsom also said that more than 1 million Californians have applied for unemployment benefits this month due to layoffs or reduced hours.explain in their story , eligible homeowners would be able to defer mortgage payments for at least three months and perhaps longer if they suffer hardship due to the pandemic. Any late payments would not be reported to credit agencies. The mortgage relief package was negotiated with four of the nation’s largest banks — Wells Fargo, U.S. Bank, CitiBank and J.P. Morgan Chase — as well as 200 state-chartered banks and credit unions.
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