The COVID Crisis: Gov. Andrew Cuomo Halts Mortgage Payments, And Credit Card Fees

March 19, 2020

Mortgage payments, credit card fees and ATM fees will be waived in New York as the state grapples with the economic impact of its novel coronavirus response, Gov. Andrew Cuomo announced Thursday.

Banks and financial institutions will waive mortgage payments for 90 days for those with financial hardship as well as fees related to deposits and withdrawals as directed by the state’s Department of Finance, said Cuomo.

“We know there is going to be an economic impact across the state,” Cuomo said. “It will change almost everything going forward.”

Credit scores will not be impacted by nonpayment of mortgages and foreclosures will be indefinitely postponed, said Cuomo to our source.

The Governor also halved the workforce allowed outside for the second time in two days.

The executive order issued Thursday mandates businesses only send 25 percent of their workforce outside, with the remainder required to work from home.

Housing advocates in New York City are now calling on Cuomo to issue similar protections for renters, as about two-thirds of city homes are rentals, according to a LendingTree analysis.

Cuomo also asked anyone who can to voluntarily work from home, but assured New York City not to expect a state-enforced lock-down.

“I would know because I would have to do it,” Cuomo said. “There is no quarantine plan for New York City.”

As of Thursday morning, 2,382 New York City residents have tested positive for COVID-19 with 9534 tested, Cuomo said.

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