Lots of calls today from folks wanting the scoop on the "new moratorium" here in California. Seems that some have misinterpreted the new law and believe that it may have a big impact.

The new law adds 90 days to the existing 3 months between the filing of a notice of default and a notice of trustee sale, but exempts servicers (lenders) who put in place a loan modification program.

According to the latest report from the Mortgage Bankers Association a stunning 12 percent of homeowners with a mortgage are now at least one payment behind. Given the nationwide estimate that 25 percent of homeowners with a mortgage are now underwater this really shouldn't come as a huge surprise - but it is a stunning number in historical terms in any case.

Last of a nine-part series.

I appreciate your giving me a bit of your time to read my views on the current economic crisis and how I think we should fix it. While my views are my own, I should say that I’ve had some wonderful influences, not least of which has been my friend Eric Janszen, founder of iTulip.com. His near-perfect foresight on much of what we have seen unfold has helped me not only understand the bigger picture surrounding this crisis, but also stay a step ahead financially. Without his guidance, I would not have had the wherewithal to self-fund ForeclosureRadar.com. I’ve also been fortunate to talk to many leading economists, fund managers and other insiders, thanks to our having truly great and sought-after data on the foreclosure market.

Thanks to U.S. Senate Bill 896, the "Helping Families Save Their Homes Act of 2009", as amended with Senate Amendment 1036, the "Protecting Tenants at Foreclosure Act of 2009", tenants are now entitled to stay through the end of their lease, and receive 90 days notice prior to eviction after a foreclosure through out the country.

Part eight of a nine-part series.

The housing bubble has caused enormous problems in the U.S. economy. To make sure this crisis doesn't recur, we should:

• Require income-based appraisals for lending purposes. Home prices should be able to rise as high as buyers are willing to bid, but loans based on federally insured deposits or reserves should be limited to amounts that are reasonably supported by local-area incomes. Private lenders should be allowed to lend as far beyond that as they desire, but only with limited recourse against the borrower and without taxpayer support for losses since such support creates a clear incentive to lend incautiously.