LOS ANGELES — Governor Gavin Newsom on Jan 18 announced that five major financial institutions will offer mortgage relief for property owners in designated fire areas as a result of the devastation in Los Angeles and Ventura Counties. These institutions have committed to offer their customers who are impacted homeowners a 90-day forbearance of their mortgage payments, without reporting these payments to credit reporting agencies, and the opportunity for additional relief.

“After so much trauma, we hope this deal will provide thousands of survivors a measure of relief. These financial protections will enable residents to concentrate on taking care of their immediate needs rather than worrying about paying their mortgage bills. I thank each of the financial institutions that are offering this help for Californians recovering from this catastrophic firestorm,” said Governor Gavin Newsom.

The commitments were made by the following banks: Bank of America, Citi, JPMorgan Chase, U.S. Bank, and Wells Fargo. Governor Newsom’s Administration is also engaging with other financial institutions, and collaborating with external stakeholders, such as the California Bankers Association, the California Credit Union League, and the California Mortgage Bankers Association, which have expressed their support for these relief efforts. Additionally, the Department of Financial Protection and Innovation is surveying state-chartered financial institutions to confirm additional commitments in the coming days.