COUNCILMEMBER RYU STATEMENT ON GOVERNOR NEWSOM’S MORTGAGE RELIEF ANNOUNCEMENT

LOS ANGELES - Today, California Governor Gavin Newsom announced that four of the nation’s largest banks would temporarily stop collecting mortgage payments for homeowners in the State of California, as news emerged that more than one million Californian’s had filed for unemployment. An additional 200 local banks and credit unions also agreed to suspend mortgage collection. Councilmember Ryu, who on Monday called on the Governor to suspend rent and mortgage payments, among other actions, released the following statement:

FOR IMMEDIATE RELEASE:  

March 24, 2020

Contact for Councilmember Ryu:

Mark Pampanin

mark.pampanin@lacity.org

213.407.7616

 

COUNCILMEMBER RYU STATEMENT ON GOVERNOR NEWSOM’S MORTGAGE RELIEF ANNOUNCEMENT

LOS ANGELES - Today, California Governor Gavin Newsom announced that four of the nation’s largest banks would temporarily stop collecting mortgage payments for homeowners in the State of California, as news emerged that more than one million Californian’s had filed for unemployment. An additional 200 local banks and credit unions also agreed to suspend mortgage collection. Councilmember Ryu, who on Monday called on the Governor to suspend rent and mortgage payments, among other actions, released the following statement:  

“I thank Governor Newsom for his leadership to help California’s homeowners who are out of work during this pandemic,” Councilmember Ryu said. “But we need to go further. Homeowners aren’t the only ones with bills to pay, and renters need answers before the end of the month. I have legislation to freeze all rent and utility bill increases in Los Angeles, but we need the State government to allow a suspension of all rent payments. More than half of Angelenos rent their home, and they shouldn’t be forced to fall into debt through no fault of their own. Protecting California’s economy means protecting California’s working families, and we must suspend rent payments and commercial mortgages on residential properties and small businesses.”

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Assistant City Council President Pro Tempore David E. Ryu represents Los Angeles’ 4th Council District which includes Griffith Park, Sherman Oaks, Toluca Lake, Hollywood, Hollywood Hills, Los Feliz, Silver Lake, Miracle Mile, Hancock Park, Windsor Square, Larchmont and portions of Koreatown and Van Nuys. 


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