The California Department of Financial Institutions is urging financial institutions to review their lending policies in order to grant "appropriate latitude" to existing customers, including mortgagors, affected by the San Bruno gas leak explosion that occurred late last week.
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State officials are urging banks to expedite the extension of new credit to finance the cleanup and rebuilding.
The explosion and blaze destroyed 53 homes and damaged 120 more, authorities said. In total, 377 homes were evacuated following the massive gas explosion last Thursday. Roughly 300 homes have since been reoccupied.
