Major US banks, including JPMorgan Chase and Bank of America, have announced measures to ease mortgage repayment conditions for customers affected by the devastating Los Angeles wildfires. The programs offer temporary relief from loan repayments or reduced payments.
JPMorgan Chase is providing disaster forbearance for its mortgage customers, which can be extended up to 12 months in three-month increments. Bank of Montreal has also offered forbearance to its affected customers. Meanwhile, Wells Fargo has pledged $1.3 million from its foundation to support wildfire relief efforts.
Industry experts emphasize the need for banks to manage climate risk. “Banks with significant exposure to impacted sectors must understand and measure their climate risk through scenario analysis to ensure resilient financial operations,” said Laurent Birade of Moody’s.
The wildfires have resulted in at least 24 fatalities, highlighting the urgent need for financial institutions to prioritize disaster response and recovery efforts.
Source: https://finance.yahoo.com/news/jpmorgan-providing-forbearance-mortgage-customers-163330154.html