America's five largest banks have agreed to defer mortgage payments for homeowners impacted by the coronavirus outbreak.
JP Morgan Chase, US Bank, Wells Fargo and Citibank will postpone foreclosures and offer forbearance on mortgage payments for 90 days, California Governor Gavin Newsome announced Wednesday.
He stated that Bank of America had 'unfortunately' only committed to 30 days of protections, before a spokesperson later clarified that that the bank 'will work with customers on a monthly basis until the end of the crisis' which 'could end up being longer than 90 days.'
Two hundred state-chartered banks and credit unions in California have also agreed to the mortgage relief, at the behest of Newsom and other officials.
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6 comments:
Get a clue:
They never had the currency you and I “borrowed”. It was created from thin air literally with your (mine) signature. Before we signed, the currency did not exist.
Just get a perspective so one can appreciate the situation as reality. They not only benefit from the interest on the loan. The principal payment is also pure profit!
Think about it.
So yea, go ahead and skip a payment or two. We will get by here at the Federal No-Reserve System.
They were MADE to do it by Federal Govt !!! or They would Not have !!!
They haven’t done anything new. They do this on a regular basis. Only thing new is they are not reporting it to the credit agencies. The lender is still responsible for the payments and all fees.
I do freelance mortgage work for three of these banks. They more or less shut down last week, until Freddie Mac and Fannie Mae got us exempted businesses status this Monday. Work had begun again immediately, but at less than a fourth of my normal work load. When this blows over, hopefully it will, I will have more freelance work than I will be able to keep up with for at least a decade. People will adjust their loans moreso then the mortgage crisis in 2008. It's good for me, but I also do my best to assist those borrowers.
Damn, I paid off my mortgage too soon.
They still got you on the Hook !!!!
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