Banks Offer Mortgage Relief Amid Los Angeles Wildfires

JPMorgan Chase and Bank of America are implementing mortgage forbearance programs for customers affected by the devastating Los Angeles wildfires, which have claimed at least 24 lives. These programs allow borrowers to temporarily pause or reduce their mortgage payments to aid in recovery efforts. While this initiative provides essential support, experts warn that the financial strain from unpaid loans may lead lenders to withdraw from markets vulnerable to natural disasters. Laurent Birade from Moody's emphasized the need for financial institutions to prioritize climate risk management to ensure sustainable operations. The forbearance measures can last up to 12 months, with possible extensions based on specific circumstances. Wells Fargo has also committed $1.3 million to support wildfire relief efforts.