File photo: Spencer Platt/Getty Images

New Jersey Governor Phil Murray announced Saturday he is working with major banks and mortgage lenders to extend a 90-day grace period to residents who are financially impacted by the coronavirus.

Murray announced he is working with Wells Fargo, Bank of America, Chase, and more than 40 other banking institutions and lenders to establish a grace period for mortgages.

In a follow-up tweet, Murray urged banks and landlords to "do the right thing" by not evicting their tenants who can't afford to stay in their homes.

"I urge, and expect, our financial institutions and credit card companies to do the right thing in all areas of their business," he wrote.

"That also means lowering credit card interest rates to reflect the reality many families are living, to waive late fees, and exercise compassion. To every landlord -- now is a time to show some compassion, and to work with your renters to ensure they stay safe. You cannot convict anyone at this time. If you try to, we're not going to take that lightly, and we will male an example out of you for violating the law."

He added:

"This grace period CANNOT and WILL NOT be used to downgrade anyone’s credit rating. Lenders will also waive any late fees, or other costs which would otherwise arise, because of this 90-day grace period."

But not all New Jersey residents are appreciative of the governor's efforts to protect those less fortunate.