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BUSINESS BEAT; Loan relief in N.Y. poses risks; Governor's order is too broad and may be a threat to financial system, banking and legal experts say.

Mar 25, 2020 - Los Angeles Times

A New York directive ordering banks to help cushion the economy by providing temporary relief on mortgages and loans is so sweeping that it may unintentionally roil markets and pose risks to the financial system.

The executive order signed Saturday by New York Gov. Andrew Cuomo requires banks regulated by the state's Department of Financial Services to provide 90 days of forbearance to "any person or business who has a financial hardship as a result of the COVID-19 pandemic," and it contai...