Gov. Gavin Newsom signed Assembly Bill 238, requiring lenders to provide up to 12 months of mortgage forbearance for Los Angeles firestorm survivors. The legislation follows reports that some banks weren’t honoring previous voluntary agreements, with DFPI receiving 121 related complaints. The wildfires impacted approximately 11,000 residential properties valued at $51.7 billion. AI Summary
In an effort to support Los Angeles wildfire victims, California Gov. Gavin Newsom on Monday signed into law Assembly Bill 238, which requires mortgage lenders to help borrowers experiencing financial hardship due to the disasters through mortgage forbearance for up to 12 months.
The legislation expands on a January announcement that 270 state-chartered banks, credit unions, and mortgage lenders and servicers committed to providing mortgage relief for property owners in designated wildfire areas as a result of the devastation in Los Angeles and Ventura counties…