On January 23, The Governor of California, Gavin Newsom, announced commitments from 270 state-chartered banks and one federally chartered institution, along with related support from credit unions and mortgage lenders, to provide mortgage relief for property owners affected by firestorms in the Los Angeles and Ventura counties. The relief measures will include a 90-day forbearance on mortgage payments for impacted homeowners, without these payments being reported to credit agencies, and the possibility of additional relief. Additionally, there will be no mortgage-related late fees during this period, and protections against new foreclosures or evictions for at least 60 days. The relief will be available to qualified residents in specific ZIP codes within Los Angeles County. Governor Newsom also highlighted several executive orders to aid recovery, including tax relief, expedited rebuilding processes, and safeguarding against price gouging.
