JPMorgan, Citi Extend Mortgage Relief for LA Wildfire Victims

California Governor Gavin Newsom said a group of major banks have agreed to extend mortgage relief for Los Angeles wildfire victims, as the area struggles to rebuild one year after the devastating blazes.

Wells Fargo & Co., JPMorgan Chase & Co., U.S. Bancorp and Citigroup Inc. will streamline requests for an additional 90-day forbearance period, allowing borrowers to apply verbally without paperwork, Newsom said on a press release Tuesday. Bank of America Corp. announced in November that it will offer qualifying borrowers up to two additional years of forbearance.

Most lenders limit forbearance to 12 months under a ...