Five major banks will offer homeowners up to three months of forbearance on mortgage payments in areas devastated by the Southern California wildfires.

California Gov. Gavin Newsom announced commitments from five major financial institutions that will offer mortgage relief for property owners affected by the Los Angeles area fires.

More than 12,000 homes, businesses and other structures have been confirmed as damaged or destroyed in the Eaton and Palisades fires in an area already in the midst of a deep affordable housing