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California governor says 4 banks to waive mortgage fees

Posted at 1:58 PM, Mar 25, 2020
and last updated 2020-03-25 16:58:08-04

California Gov. Gavin Newsom says four of the nation's largest banks have agreed to temporarily suspend mortgage payments for those impacted by the coronavirus.

Newsom says Wells Fargo, US Bank, Citi and JP Morgan Chase have all agreed to waive mortgage payments for 90 days.

Newsom says Bank of America has agreed to a 30-day suspension.

More than 1 million Californians have filed for unemployment benefits since March 13.

The news comes after Congress reached a deal with the Trump administration on a stimulus package that will increase unemployment benefits by $600 per week on top of what the state provides.