New California Law Imposes 90-Day Moratorium On Foreclosures (Picture-4989176)

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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)

LOS ANGELES, CA - JUNE 11: Wires hang from a faulty electrical unit in the ceiling of the apartment of Lisette Guevara who, along with her children, Iliana, 3 months, and Angel, 2, are among the four families of an apartment building facing eviction in the community of North Hollywood June 11, 2009 in Los Angeles, California. Most of the tenants are low-income Latino immigrant families who have lived in the building that is in need of repairs for as many as 10 years. They have until June 19 to move out. Fair housing advocates say that the bank should have put more energy into making sure the property was habitable than in evicting the rent payers. The building is one of 50 sites across the country where housing advocates are holding actions today. (Photo by David McNew/Getty Images)

LOS ANGELES, CA - JUNE 11: Activists hold signs in front of an apartment building where all of its four families are facing eviction during a press conference in the community of North Hollywood June 11, 2009 in Los Angeles, California. Most of the tenants are low-income Latino immigrant families who have lived in the building that is in need of repairs for as many as 10 years. They have until June 19 to move out. Fair housing advocates say that the bank should have put more energy into making sure the property was habitable than in evicting the rent payers. The building is one of 50 sites across the country where housing advocates are holding actions today. (Photo by David McNew/Getty Images)

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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)

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