Five major banks have agreed to provide mortgage relief to customers affected by wildfires that have ravaged thousands of homes, businesses and structures in the Los Angeles area, California Gov. Gavin Newsom said.

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.