California’s ALT-A and Option ARM mortgages are just beginning to re-set, causing payments to rise, and with almost half of the mortgages in California already underwater, these homeowners will be unable to refinance and foreclosures will increase as a result. Prime jumbo foreclosure rates are already up a mind blowing 634% as compared with January 2008 levels, according to LPS Applied Analytics.
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HUD SECRETARY DONOVAN ANNOUNCES $318,046,837 IN RECOVERY ACT GRANTS TO STABLIZE NEIGHBORHOODS, REBUILD ECONOMIES IN CALIFORNIA

Neighborhood stabilization grants to 12 California communities hard hit by the foreclosure crisis

WASHINGTON - U.S. Housing and Urban Development Secretary Shaun Donovan today announced that HUD is awarding $318,046,837 in Recovery Act funding to Alameda County, In ...