With COVID-19 causing concerns for residents up and down California, including Long Beach, I want to make sure I am providing frequent information to residents whenever there are important updates.
Yesterday, Governor Gavin Newsom announced that four of the five big banks; Citigroup, JPMorgan Chase, U.S. Bank, and Wells Fargo, along with almost 200 state-chartered banks and credit unions, agreed to put off collecting mortgage payments for up to 90 days from borrowers who can document they’ve been affected by the crisis.
The Governor further explained that financial institutions had agreed to not report the late payments to credit agencies causing no negative impact to credit reports and would not start foreclosure sales or evictions.
This progress being made at the state will be a benefit to Long Beach residents who’s finances have been harmed by this global emergency. The Governor’s steps yesterday provide additional financial security for residents allowing us all to focus more clearly on the urgent needs before us now to stay healthy, and to reduce the spread of this disease.