Special Alert: California governor releases Covid-19 relief package

State Issues Special Alerts Consumer Finance Mortgages Foreclosure Covid-19

On March 25, California Governor Gavin Newsom announced a financial relief package (Proposal) and related guidance to assist borrowers in California experiencing financial hardship as a result of the Covid-19 outbreak. According to the news release, the relief efforts are being supported by several of the nation’s largest national banks, as well as by nearly 200 state-chartered banks, credit unions, and other servicers operating in California (Participating Financial Institutions). Under the Proposal, California borrowers of residential mortgage loans may be eligible for relief with respect to mortgage payments, credit reporting, foreclosures, evictions, and late fees and charges.

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Click here to read the full special alert

If you have any questions regarding California’s financial relief package, or other related issues, please contact a Buckley attorney with whom you have worked in the past. You can also visit our Covid-19 News & Resources page for a compendium of issuances by federal and state agencies, as well as GSEs and other sources.