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SACRAMENTO — Gov. Gavin Newsom will propose a new $100-million fund to help wildfire victims afford loans to rebuild their homes under a revised budget plan set to be released Thursday.

The Newsom administration estimates that thousands of victims of the Los Angeles wildfires cannot afford to rebuild, blaming a lack of access to affordable loans and a gap between insurance payouts and the cost to build again.

“We have been on the ground in L.A. since Day One of recovery from these fires, and we aren’t turning our backs now,” Newsom said in a statement. “This community deserves continued support to help them get back on their feet, and rebuild their homes and their lives. “

The new fund would be designed to cover loan-loss guarantee to lenders, in which the state would commit to paying back a percentage of a loan amount if a borrower defaults, in order to lower the risk for lenders and encourage them to award construction loans to borrowers who might not otherwise qualify or only be eligible for loans at high interest rates. The money would also be available for homeowners to buy down their interest rates during the construction period, according to Newsom’s office.

The Eaton and Palisades fires killed 31 people and destroyed over 16,000 structures in January 2025.

A recent survey of the wildfire victims found that homeowners estimate they need more than $600,000 on average above their insurance payouts to rebuild their homes, according to a report from a wildfire recovery nonprofit called the Department of Angels. The gap in Altadena was about $550,000, and between $1.19 million and $1.73 million in Pacific Palisades and Malibu.

Under Newsom, California has also provided mortgage relief to more than a thousand wildfire survivors under CalAssist, a program that provides grants to eligible homeowners to cover mortgage payments for 12 months up to $100,000.

The governor’s new proposal will be included in his funding plan for the upcoming 2026-27 budget year that begins July 1.

State revenue from income tax collection is higher than initially forecast, a boon that is expected to wipe out a projected deficit in the year ahead. Analysts attribute the revenue increase to an artificial intelligence boom in the stock market.

Though likely temporary, the extra funding is expected to give Newsom enough cushion to balance the state budget without major cuts and lower a projected shortfall in 2027-28.

The proposal to create the rebuilding fund requires support from both houses of the California Legislature and would move forward as a trailer bill accompanying the state budget. The funding would be available to disaster survivors, though details on eligibility will be determined during the legislative process.

April 17 (Asia Today) — Corporate loan delinquency rates in South Korea are rising three times faster than household debt, increasing pressure on banks as lending expands, financial data showed Thursday.

According to the Financial Supervisory Service, the delinquency rate on corporate loans at domestic banks reached 0.76% at the end of February, up 0.09 percentage points from a month earlier and 0.08 points from a year earlier.

By comparison, the household loan delinquency rate rose 0.03 percentage points from the previous month to 0.45%, highlighting a much steeper increase in corporate defaults.

The corporate delinquency rate marked its highest level in nine months. Small and medium-sized enterprises recorded a rate of 0.92%, with small corporations at 1.02% and sole proprietors at 0.78%, indicating rising stress across the sector.

Delinquency rates among large corporations also increased, reaching 0.19% – the highest level in 28 months – suggesting that financial strain is spreading beyond smaller firms.

The trend comes as banks expand corporate lending under policies aimed at boosting “productive financing.” Outstanding corporate loans at the country’s five major commercial banks totaled about 859.8 trillion won ($573 billion) as of the end of March, up roughly 15.0 trillion won ($10 billion) in three months.

Loans to small and medium-sized enterprises accounted for about 79% of the total, while large corporate loans made up about 21%.

Regulators said rising delinquencies are most pronounced among smaller firms but warned that broader economic uncertainty could push default risks higher across the corporate sector.

Banks are responding by tightening risk management while maintaining lending growth. Major lenders are strengthening oversight from initial loan screening to post-loan monitoring, using systems such as early warning tools and AI-based credit assessments to identify high-risk borrowers.

Industry officials said the combination of expanding corporate lending and rising delinquency rates is rapidly increasing the burden on banks to maintain asset quality.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260417010005508

A member of Alabama’s 2009 national championship team has been accused of impersonating NFL players as part of a scheme to fraudulently obtain nearly $20 million in loans to purchase real estate, vehicles and jewelry.

Luther Davis, a Crimson Tide defensive lineman from 2007-10, faces felony counts of conspiracy to commit wire fraud and aggravated identity theft, according to court documents filed last month by the U.S. attorney in the the Northern District of Georgia. An alleged co-conspirator, CJ Evins, also faces the same counts.

The documents mention the initials of three players — X.M, D.N. and M.P. — that were impersonated during the alleged scheme. The Guardian is reporting that those players are Green Bay Packers safety Xavier McKinney, Cleveland Browns tight end David Njoku and Atlanta Falcons quarterback Michael Penix Jr.

Prosecutors in the court filings said the NFL players were not involved in the alleged scheme.

The documents describe an elaborate hoax in which the defendants allegedly created fake companies and fraudulent email accounts and driver’s licenses to help fool lenders into loaning them huge sums of money.

Davis attended virtual loan-closing meetings wearing wigs, makeup and/or a head covering to disguise himself as players seeking loans, according to court documents.

Both men entered pleas of not guilty at their arraignments but have indicated to the court they will enter guilty pleas at hearings set for April 27, according to court records.

In 45 games over four seasons with Alabama, Davis registered 21 solo tackles, 26 assists and eight tackles for loss. A 2013 Yahoo report alleged that Davis broke NCAA rules by paying five prospective draft picks from the Southeastern Conference as an intermediary for sports agents and financial advisers.