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Schwarzenegger Proposes Calif. Mortgage Relief

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Nov 5, 2008 8:18 pm US/Pacific

Schwarzenegger Proposes Calif. Mortgage Relief

SACRAMENTO (AP) ― Gov. Arnold Schwarzenegger is proposing mortgage relief in hopes of stabilizing California's economy.

The Republican administration on Wednesday announced a plan to encourage lenders to modify existing home loans as a way of keeping people out of foreclosure.

The governor also proposed a 90-day moratorium for homeowners facing default on their loans. Lenders, however, would still be able to exempt themselves under certain circumstances.

Several weeks ago, Schwarzenegger vetoed a Democratic bill to ban bad lending practices.

The governor's proposal comes in advance of his call for a special legislative session to address the budget gap and other issues. Democratic leaders say the current deficit has grown from $3 billion to $11.2 billion.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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