Governor Gavin Newsom is proposing $125 million in mortgage relief aimed at supporting wildfire victims whose homes were impacted as far back as 2023. Many of these homeowners face the risk of foreclosure due to their inability to pay mortgages following catastrophic events. The funding will be sourced from settlement funds received from major banks during the mortgage crisis. Furthermore, the proposal includes plans for extending counseling services to help these residents navigate their recovery process. This proposal will be formally considered in a California Housing Finance Agency meeting scheduled for Thursday.
California Governor Gavin Newsom has proposed $125 million in mortgage relief to aid wildfire victims, aiming to prevent foreclosure for affected homeowners.
The funding for this initiative will come from settlement funds secured during the previous mortgage crisis, providing crucial support for those in need.
Alongside financial relief, the proposal includes counseling services to assist homeowners in navigating the recovery process after devastating wildfires.
The proposal is set to be discussed in an upcoming meeting of the California Housing Finance Agency, with potential significant impact on affected individuals.
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