New California Law Imposes 90-Day Moratorium On Foreclosures

PASADENA, CA - JUNE 15: A realtor sign advertises a bank-owned house for sale as a new California law that imposes a 90-day moratorium on housing foreclosures takes effect June 15, 2009 in Pasadena, California. The California Foreclosure Prevention Act pressures lenders to work harder to keep borrowers in their homes with interest rates cuts or loans rewritten to affordable levels. Critics expect a flood of foreclosures to occur at the end of the 90-day period. Lenders have foreclosed on more than 365,000 homes California since early 2007. (Photo by David McNew/Getty Images)