b'Assembly Bill 3088:How the California Lenders Dodged a BulletbyT. Robert Finlay, Esq.Wright, Finlay & Zak, LLPW hen COVID first hit, Sacramento proposed two Bills concerning foreclosure moratoria and mandatory forbearance requirements. Assembly Bill (AB) 2501 included a combination of both that could have prevented foreclosure on any residential loan through March 2022. However, with the help of Mike Belote, Mike Arnold, the CMA and its members, the mortgage industry narrowly avoided a huge mess by only two Assemblyperson votes in June.Many of the same provisions from AB 2501What exactly does AB 3088 mean to the resurfaced in the Senate with AB 1436.CMA and its members?To answer that Through more heroic efforts by the Mikes,question, its important to look first at what AB 1436 gave way to a far more rational andits enactment does not meanthere is no fair balance between the rights of lendersforeclosure moratorium, no mandatory to enforce their security and trying to helpforbearance requirement and no blanket borrowers impacted by COVID-19AB 3088.eviction moratorium. Championed as a compromise by Governor Newsoms office, AB 3088 passed bothWhat AB 3088 does is (1) extends the houses and was signed by the GovernorHomeowner Bill of Rights (HOBR) to just before the Legislature session endedfirst liens securing loans to individuals on August 31, 2020.Passed as urgencyencumbering certain non-owner occupied legislation, AB 3088 became effective the next daySeptember 1st. continued on page 8Points of InterestWinter 2020/2021Page 7'