California has been hit hard by the foreclosure crisis, and it’s not over yet. With many adjustable rate mortgages ready to reset, a state that already has 25% of the nation’s foreclosures may be hit again. California hold over 50% of the nation’s ARMs, many of which are about to increase their interest rates, leading to even more foreclosures in the state. The housing programs MHA and HAMP were to provide relief for thousands of homeowners, and yet due to constraining guidelines and an unwillingness to negotiate on part of the banks, foreclosures have increased across the state. As a result, District Attorney Edmund Brown Jr. has taken the initiative on the housing crisis.  Read more... (609 words, 1 image, estimated 2:26 mins reading time)