A New Bill to Prevent Foreclosures


Gov. Schwarzenegger Signs Legislation to Help Protect Homeowners from Foreclosure

Today, Governor Arnold Schwarzenegger signed SB 1137 by Senate President pro Tem Don Perata (D-Oakland) which requires lenders to contact homeowners and explore restructuring options before initiating the foreclosure process. It will also provide tenants with double the amount of time now afforded to them to move from a foreclosed property and prevent California’s neighborhoods from becoming rundown by requiring owners to maintain foreclosed properties. Click here to read more and to see the governor discuss the bill. The following photo was taken at The Unity Council in Oakland, CA.


From left to right: Consumers Union Senior Attorney Norma Paza Garcia, Senate President pro Tem Don Perata (D-Oakland), Assemblymember Guy Houston (R-San Ramon), Governor Arnold Schwarzenegger, Oakland Mayor Ron Dellums, Assemblymember Sandré Swanson (D-Oakland), Dorothy Hicks, Oakland City Councilmember Jean Quan and State and Consumer Services Agency Secretary Rosario Marin.

Photo Credit: William Foster, Office of Governor Schwarzenegger.