What to Know
- NJ Gov. Phil Murphy said the nation's major banks agreed to a 90-day grace period on mortgages for borrowers in distress
- Murphy called on banks to waive late fees and credit card companies to lower interest rates
- The governor also said landlords getting mortgage relief should pass that to tenants as rent relief
New Jersey mortgage borrowers will be able to get a 90-day grace period on their loans if they have been economically impacted by the coronavirus pandemic, Gov. Phil Murphy said Saturday.
Murphy also said the state expects landlords getting mortgage relief to pass that on in the form of rent relief to their tenants.
"To every landlord, I cannot stress this enough: Now is the time to show some compassion," Murphy said at a Saturday news conference.
The governor -- himself a former Goldman Sachs executive -- said the nation's major banks had agreed to participate in the initiative. Borrowers should call their banks directly to seek relief, he said.
There may be more relief beyond mortgages as well, he added.
"I urge and expect our financial institutions and credit card companies to do the right thing in all areas of their businesses," he said, suggesting that credit card companies lower interest rates and that banks waive late fees.
New Jersey has the second-highest number of coronavirus infections in the country, with more than 11,000, and 140 deaths to date.
Advance claims for unemployment in New Jersey rose 15-fold last week versus the week prior to more than 155,000, the fifth-highest number in the country.