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Afternoon Mortgage Meltdown: Good News?!

Well, sort of. According to ForeclosureRadar, a new California Senate Bill is slowing down foreclosures by half to two-thirds. The bill requires lenders to make several attempts to contact defaulted homeowners, plus wait 30 days before filing for foreclosure. Oh, but there's this: says Radar, "We expect [the bill] to have no long term impact beyond delaying the foreclosure process for homeowners, and slowing the overall recovery." Ouch. [LA Times Blog]