California's nation-leading mortgage relief program receives federal approval

SACRAMENTO – Governor Gavin Newsom announced Dec. 20, that California’s plan to provide $1 billion in mortgage relief grants to tens of thousands of homeowners who have fallen behind on housing payments or reverse mortgage arrearages during the COVID-19 pandemic has been approved by the U.S. Department of the Treasury, clearing the way for a full program launch in the coming weeks.

Under Newsom’s plan, the California Mortgage Relief Program will help an estimated 20,000 to 40,000 struggling homeowners, with funds reserved for homeowners in socially disadvantaged and underserved communities oft...