Monday, Oct. 19, 2009

Schwarzenegger in Merced today

MERCED — Gov. Schwarzenegger will make a brief stop in Merced this morning to discuss several new laws related to the foreclosure crisis, his office announced Sunday.

Schwarzenegger plans to hold a news conference at 10 a.m. at City Hall, where he'll "highlight the signing of legislation that will prevent California homeowners and home buyers from being negatively impacted by the fraudulent mortgage practices that have arisen in the aftermath of the national foreclosure crisis," his office said in a statement.

Among the laws to be discussed is the Buyer's Choice Act, said Assemblywoman Cathleen Galgiani, D-Livingston, who sponsored the bill.

Signed into law this month, the act mandates that buyers of foreclosed homes be allowed to choose which title and escrow companies they hire.

The governor's staff contacted the city late Friday to begin making arrangements for the visit, city spokesman Mike Conway said.

Today's news conference will be Webcast live at www.gov.ca.gov, Schwarzenegger's office said.