The California State legislature recently approved a 90 day moratorium on foreclosures. Exempted are banks with loan modification programs. Although opponents vehemently denounced the new law as merely delaying the inevitable, the exemption could apply needed pressure on the banks to more actively modify loans. Other critics argue that there are too many loopholes and that having a loan modification program and actually doing loan modifications are two different things. Here are some details. Here’s the SF Chronicle article.
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