Jun 15th, 2009 - Los Angeles Times
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State halts foreclosures for 90 days
California is imposing a 90-day moratorium on housing foreclosures under a new law that took effect Monday.
The law is expected to make lenders try harder to keep borrowers in their homes. Lenders must prove they tried to modify the delinquent loans before they can begin foreclosing.
But supporters acknowledge the California Foreclosure Prevention Act won't stop thousands of foreclosures from eventually happening. There have been more than 365,000 foreclosures in California since early 2007, with many more already scheduled.
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