Governor Gavin Newsom Announces Major Financial Relief Package: 90-Day Mortgage Payment Relief During COVID-19 Crisis
Published: Mar 25, 2020
Governor Newsom announces financial institutions will provide relief for vast majority of Californians
Californians economically impacted by COVID-19 may receive 90-day grace periods to make mortgage payments
Financial institutions agree not to negatively impact credit reports as a result of accepting payment relief
SACRAMENTO – Governor Gavin Newsom today announced that financial institutions will provide major financial relief for millions of Californians suffering financially as a result of the COVID-19 outbreak.
“Millions of California families will be able to take a sigh of relief,” said Governor Newsom. “These new financial protections will provide relief to California families and serve as a model for the rest of the nation. I thank each of the financial institutions that will provide this relief to millions of Californians who have been hurt financially from COVID-19.”
Governor Newsom secured support from Citigroup, JPMorgan Chase, U.S. Bank, and Wells Fargo and nearly 200 state-chartered banks, credit unions, and servicers to protect homeowners and consumers.
Under the Governor’s proposal, Californians who are struggling with the COVID-19 crisis may be eligible for the following relief upon contacting their financial institution:
90-Day Grace Period for Mortgage Payments
Financial institutions will offer, consistent with applicable guidelines, mortgage payment forbearances of up to 90 days to borrowers economically impacted by COVID-19. In addition, those institutions will:
•Provide borrowers a streamlined process to request a forbearance for COVID-19-related reasons, supported with available documentation;
•Confirm approval of and terms of forbearance program; and
•Provide borrowers the opportunity to request additional relief, as practicable, upon continued showing of hardship due to COVID-19.
No Negative Credit Impacts Resulting from Relief
Financial institutions will not report derogatory tradelines (e.g., late payments) to credit reporting agencies, consistent with applicable guidelines, for borrowers taking advantage of COVID-19-related relief.
Moratorium on Initiating Foreclosure Sales or Evictions
For at least 60 days, financial institutions will not initiate foreclosure sales or evictions, consistent with applicable guidelines.
Relief from Fees and Charges
For at least 90 days, financial institutions will waive or refund at least the following for customers who have requested assistance:
•Mortgage-related late fees; and
•Other fees, including early CD withdrawals (subject to applicable federal regulations).
Click here for details on how to apply for relief. Loans held by a financial institution may be serviced by another company.
Please note that financial institutions and their servicers are experiencing high volumes of inquiries.
Black Vote Helps Push Biden to Frontrunner Spot, Beating
Bernie and Bloomberg
March 4, 2020
Aldon Thomas Stiles | California Black Media
After a tough battle with Sen. Bernie Sanders (D-VT), former Vice President Joseph Biden sealed the frontrunner position in the race forthe Democratic Party U.S. presidential nominee on Super Tuesday. Sanders, however, snatched a few key victories, one of which was California with 29.5 percent of the vote.
So far, Biden has picked up 390 Democratic National Convention delegates compared to Sanders’ 330.
The 2020 presidential primary election took place in California, 13 other states, and one U.S. territory (American Samoa) Tuesday March3. Voters got the opportunity to back their favorite candidate to challenge President Donald Trump in November’s general election.
With five Democratic candidates remaining, after Mayor Pete Buttigieg dropped out of the race this past Sunday and Sen. Amy Klobuchar’swithdrawal Monday, Super Tuesday was a pivotal moment for presidential hopefuls.
Then, a day after the former U.S. vice president’s big win, former New York City Mayor Mike Bloomberg dropped out of the race and endorsed Biden, his former rival for the nomination.
Over the course of their campaigns, Democratic candidates have relied on several different demographics to help swing votes in their favor.One such demographic is African Americans, and these candidates all had strategies to secure that vote.
Some relied on targeted advertising blitzes. Biden, Sen. Elizabeth Warren (D-MA) and Bloomberg's camps all ran campaign advertisementstouting relationships with former President Barack Obama.
Meanwhile, Sanders continued to invoke his involvement in the civil rights movement and his relationship with prominent progressive personalitieslike recording artist Michael Santiago "Killer Mike" Render.
Biden also claimed to have been arrested in South Africa in the 1970s while attempting to meet Nelson Mandela. He has since retracted thatclaim following evidence to the contrary.
Before Super Tuesday, in the South Carolina primaries this past weekend, Biden led the race with Black voters, clinching 61 percent ofthe Black vote, according to Washington Post exit polls. Sanders trailed Biden with 15 percent of the Black vote.
On Super Tuesday, Biden secured 72 percent of the Black vote in Alabama, 71 percent in Virginia, 62 percent in North Carolina and 53 percentin Tennessee, according to USA Today.
Bloomberg has had some controversy regarding Black voters resulting from his "stop-and-frisk" policies when he was mayor of New York Cityand from subsequent statements he made in 2015 defending said policies.
“So one of the unintended consequences is people say, ‘Oh my God, you are arresting kids for marijuana that are all minorities,’" Bloombergsaid in his 2015 speech. "Yes, that’s true. Why? Because we put all the cops in minority neighborhoods... Why do we do it? Because that’s where all the crime is.”
Despite this, Bloomberg secured endorsements from several prominent African-American politicians like Assemblymember Shirley A. Weber,chair of the California Legislative Black Caucus. Some Black members of the U.S. House of Representatives, including Rep. Lucy McBath (D-GA), Rep. Gregory Meeks (D-NY) and Del. Stacey Plaskett (D-VI) endorsed the former New York City mayor as well.
Several high-profile lawmakers, including U.S. House of Representatives Majority Whip Rep. James Clyburn (D-SC) — as well as former presidential candidates Buttigieg and Klobuchar — have endorsed Biden.
Former President Barack Obama also gave Biden his blessing.
Warren only won 12 delegates, placing her last on Super Tuesday behind Bloomberg, who picked up 36.
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