California 90-Day Foreclosure "Moratorium" Begins Today

The Sacramento Bee reports:

• Lots of questions this morning on the real meaning of California's new 90-day foreclosure moratorium beginning today - which got plenty of attention on national TV yesterday. Here is a link to the California Department of Corporations site and on the official regulations that spell out the program in detail. A Bee story Saturday explaining the moratorium is here. What's most important to remember: this does NOT stop foreclosures effective today. It begins a process in which lenders must apply to the state for an exemption from the 90-day moratorium. Lenders must show the state they have an aggressive loan modification program in place to receive the exemption.

For more, see Today's start to California's 90-day foreclosure moratorium.