President Donald Trump said he would look into the actions of banks in their response to last year's devastating Los Angeles wildfires following a meeting with that city's mayor, Karen Bass.
Trump said he met with Bass and other officials to discuss the "progress made on the horrific fires that ravaged Los Angeles, and the surrounding area," and praised "Insurance Companies" for the way "they were treating the Home Owners."
"The Banks, however, have a long way to go, and we will be looking into their actions, effective immediately," Trump said in a social media post on Thursday. "The Banks must treat those people, who so horribly lost their Homes in this tragic fire, very fairly and well."
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"Wells Fargo, in particular, has been very difficult to deal with," Trump said, but he did not provide more details on what actions he intended to probe.
A representative for Wells Fargo & Co. declined to comment.
A spokesperson for Los Angeles County Supervisor Kathryn Barger said that "mortgage forbearance continues to be a major issue."
In an earlier statement, Bass and Barger said they had met with Trump and administration officials to "advocate for families who lost everything."
"We had a very positive discussion about FEMA and other rebuilding funds as well as the support of the President to continue joining us in pressuring the insurance companies to pay what they owe – and for the big banks to step up to ease the financial pressure on L.A. families," the statement said.
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The president has been highly critical of California Democrats, particularly Bass and Governor Gavin Newsom, accusing them of mismanaging the response and failing to do enough to help those who lost their homes.
The fires in early 2025 burned for weeks, tearing through entire neighborhoods in the Los Angeles area. Insured losses from the blazes totaled $40 billion, making them the most expensive catastrophe in the world last year, according to insurer Swiss Re AG.
Many who lost their homes are still waiting for insurance payments. Others with the funds have said efforts to rebuild have been mired in red tape.
Newsom in February announced that 160 banks had offered mortgage relief to the wildfire victims for up to 90 days — a period which should be ending soon for some lenders.
