California

Schwarzenegger Proposes 90-Day Foreclosure Moratorium 

California governor Arnold Schwarzenegger announced on Wednesday that he will look to implement a 90-day moratorium on foreclosures, the latest move by state and local legislators to slow the number of foreclosures. The forced stay on foreclosure proceedings, if enacted, will target properties backed by a first mortgage on which a notice of default has been filed, according to a press statement from the governor’s office.