- JPMorgan Chase, Wells Fargo, Citi and the US Bank will waive a 90-day mortgage payment for residential real estate in California, Governor Gavin Newsom announced Wednesday.
- Around 200 state charter banks and credit unions will also issue the exemptions.
- Bank of America will do this for 30 days, the governor said.
- Newsom said he is currently working with banks on ATM fees and overdraft fees, and hopes to announce a solution soon.
- You can find more stories on the Business Insider homepage.
California homeowners who mortgage JPMorgan Chase, Wells Fargo, Citi, or the US Bank receive a 90-day mortgage waiver, said California Governor Gavin Newsom.
Around 200 charter banks and credit unions in the state will also issue exceptions for 90 days, Newsom said at a press conference on Wednesday.
Newsom said that "unfortunately Bank of America has not made a public commitment to 90 days," but will grant a 30-day waiver.
"I hope they will rethink and join the other banks that are ready to do the right thing," Newsom said.
A Bank of America spokesman told Business Insider: "Bank of America postpones mortgage payments monthly until the crisis is over."
Newsom noted that California has no direct regulatory power over the four banks, and thanked them for "recognizing their customers' sensitivity" and the impact of missing mortgage payments on their creditworthiness.
The governor also said that he is working with banks to negotiate solutions for people paying bank fees such as ATMs and overdraft fees as the corona virus has economic consequences.
New York Governor Andrew Cuomo said last week that he would suspend individual mortgage payments for 90 days. according to a report by PoliticoHowever, it is unclear when or how the deferrals would take effect. Cuomo also said that credit card, ATM, and overdraft fees would be eliminated.