Governor signs California mortgage bill

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Lenders must now call California homeowners or visit them in person and explore restructuring options before foreclosing on their homes under legislation signed Tuesday by Gov. Arnold Schwarzenegger.

The new law also doubles the amount of time tenants have to relocate from a foreclosed property to 60 days and requires owners to maintain foreclosed properties.

"Foreclosures not only devastate families they hurt neighborhoods and depress our economy and our budget," Schwarzenegger said in a prepared statement. "So, I am proud to announce today that we are giving Californians one more tool to help them stay in their homes -- without government subsidies."

Senate Bill 1137 was sponsored by Senate president pro tem Don Perata.

http://www.bizjournals.com/sanjose/stories/2008/07/07/daily43.html

[Merlot]

1. Does requiring owners to maintain property mean the bank?

If his plan is for former homeowners who are broke and moving away to be responsible for the upkeep of property, that seems unrealistic.

Would arnie sign a bill making banks take responsibility for the property? arnie is all about big business.

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2. I'm guessing that is aimed at people who trash the place before leaving. nt