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SACRAMENTO — In an attempt to combat foreclosures, Gov. Arnold Schwarzenegger has called for a 90-day moratorium on foreclosures. Lenders who can prove that they have an aggressive mortgage modification program in place would be exempted.

He also proposed loan modification guidelines of 38% debt-to-income ratios achievable through interest rate reductions, 40-year loans and the deferring of unpaid principal balances to the end of the loan term so that borrowers can repay that amount upon the refinancing or sale of the property.

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