The
commitments were made by 270 state-chartered institutions, with
collaboration from the California Bankers Association, the California
Credit Union League, and the California Mortgage Bankers Association,
which have expressed their support for these relief efforts.
“Credit unions are deeply committed to supporting their members and communities by offering immediate financial relief,” said Scott Simpson, President and CEO, California & Nevada Credit Union Leagues. “We’re
working closely with Governor Newsom’s office to provide assistance and
long-term recovery options — including mortgage forbearance and
flexible payment options — to ensure Southern Californians can focus on
rebuilding their lives without the added burden of financial worries.
These wildfires have caused immense trauma, and it’s imperative we step
up to provide a safety net for those affected, administering continued
relief and compassionate financial support as they navigate this
challenging time. By offering a lifeline to credit union members who
need it most, we can help prioritize their current financial needs and
empower them on the long road to recovery. Credit unions are committed
to being a source of strength and stability during this challenging
time.”
“Our
communities are hurting, and providing immediate financial relief is
essential to our long-term rebuilding. I’m proud to join Governor
Newsom in announcing mortgage payment forbearance through these
financial institutions,” said Assemblymember John Harabedian (D-Pasadena). “The
work is far from done, and I’m committed to partnering with Governor
Newsom, Speaker Rivas, and Pro Tem McGuire to deliver the support
wildfire survivors need.”
“It is encouraging to see voluntary mortgage forbearance being offered to victims of the Palisades and Eaton Fires,” said Assemblymember Jacqui Irwin (D-Thousand Oaks).
“These programs provide immediate relief to those impacted.
Assemblymember Harabedian and I have introduced legislation for
long-term relief and remain committed to ensuring every fire victim
receives the time they need to recover from this disaster.”
“The
Southern California mega-fires demand coordinated efforts to ensure all
impacted Californians receive relief during these devastating times,” said Senator Sasha Renée Pérez (D-Glendale). “As
the State Senator for the Eaton Fire-affected communities, including
Altadena’s historically African-American and working-class residents, I
thank the Governor for responding to calls for mortgage relief. I also
appreciate the financial institutions that stepped up to provide this
critical support. This relief offers a much-needed respite for those
facing a long recovery, and I’m grateful to California lenders for
understanding the extraordinary hardships their customers are enduring.”
As part of today’s announcement, these financial institutions will offer their qualified borrowers:
- 90-day
mortgage payment forbearance periods, streamlined processes for
requesting initial relief without submitting forms or documents,
payment options that do not require immediate repayment of unpaid
amounts (i.e., no balloon payments) at the end of the forbearance
period, and the opportunity for additional relief.
- Relief from mortgage-related late fees accruing during the forbearance period for 90 days.
- Protection from new foreclosures or evictions for at least 60 days.
- Institutions will not report late payments of forborne amounts to credit agencies
The relief is available to qualified residents who are customers of these institutions in
Los Angeles County in the following ZIP codes: 90019, 90041, 90049,
90066, 90265, 90272, 90290, 90402, 91001, 91104, 91106, 91107, or
93536. Not all state-chartered or other institutions operating in the
state serve customers in the designated zip codes.
Borrowers must contact their mortgage servicer to obtain relief.
A copy of the commitments can be found here.
Riechel
Reports - Events
- City
of San Bruno CA