No doubt more bad news looms on the real estate market horizon. A coalition to stave off the financial carnage is building, thoughm, the Daily Breeze reports.
The Governator has now enlisted in the effort to help terminate the foreclosure crisis. He’s urged some lenders to agree to a “fast track” process that would keep people in adjustable-rate loans they might not be able to afford when the terms change.
Four of them – Countrywide, GMAC, Litton and HomeEq – service about 25 percent of subprime loans.
This kind of approach is vital here because California’s foreclosure rate is twice the nation’s.
“With this type of cooperation from loan servicers, we can save tens of thousands of people from being added to the foreclosure lists. This common-sense approach does not involve a government subsidy or bailout,” Schwarzenegger said last week in a statement.
He also noted that borrowers need to do their part, too.
