Look what flew under the radar of getting a California budget.

[No_Such_Reality_IHB]

As several other blogs have already noted, it appears that while the California legislature was hashing out the budget, they also slid an additional 90 days of delay into the foreclosure process.



<a href="http://www.leginfo.ca.gov/pub/09-10/bill/asm/ab_0001-0050/abx2_7_bill_20090220_chaptered.html">California Foreclosure Prevention Act</a>

 

[graphrix_IHB]

So dumb, just so... so... dumb. They make this seem like it will help prevent foreclosures. All it will do it is delay the inevitable for three more months. Oh wait... maybe 1 in 5 will qualify for a loan mod, and those will be delayed by 9 months after they re-default. Don't they know that the investors of foreclosures are the ones stimulating the economy? Why am I not surprised by our state gooberment?

 

[no_vaseline_IHB]

Who cares about 90 days? It just makes the inevetable end that much worse for what appears to be anyone who bought since 2001............