California Governor Gavin Newsom proposed a $125 million mortgage relief package aimed at assisting victims of recent natural disasters, particularly those affected by the Los Angeles County fires. The plan allocates $100 million for direct relief to foreclosure-risk homeowners and $25 million for mortgage counseling. Funded by a settlement with major lenders from the Great Recession, the initiative targets homeowners whose properties have been damaged or destroyed since January 1, 2023, facilitating their recovery without the added stress of mortgage payments during this challenging time.
‘As survivors heal from the trauma of recent disasters, the threat of foreclosure should be the last thing on their minds,’ Newsom said.
The relief package would be funded by a mortgage settlement reached by then-California Atty. Gen. Kamala Harris with big lenders.
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