(March 18, 2008) To help the more than half million Californians having non-traditional mortgage loans that will jump to higher rates in the next two years, Governor Arnold Schwarzenegger has launched an ongoing public education campaign to raise awareness of the options homeowners have to possibly avoid foreclosure.

Many Californians are having trouble paying their mortgages and some of these families will lose their homes to foreclosure without ever seeking help, causing great financial strain on the state budget and businesses.

The "90 Days of Hope" campaign features real California families who struggled with foreclosure offering others a path to real solutions and providing hope.

Ninety days represents the average amount of time homeowners have to take action after being informed that their interest rate is set to increase. Ninety days of missed payments often equals a foreclosure. It’s also the approximate amount of time that it can take to work out new payment options for those who proactively contact their lenders before missing any payments.

In 2007, Governor Schwarzenegger formed the Interdepartmental Task Force on Non-Traditional Mortgages, making California one of the first states in the nation to form a task force to examine the alarming developments in the non-traditional mortgage market. The task force consists of leadership from the Business, Transportation and Housing Agency and the State and Consumer Services Agency, as well as numerous state departments responsible for all aspects of this complex issue.

The task force successfully lobbied Congress to raise federal loan limits so that more California families can take advantage of these secure products, rather than relying on subprime loans. Currently, the task force is working to ensure California homeowners and organizations see their fair share of the recent federal counseling funding package.

The task force will continue to advise Governor Schwarzenegger on ways to increase protections for Californians who own or plan to purchase homes and to expand affordable housing opportunities.

For more information on ways California businesses can help, visit the "90 Days of Hope" website at www.yourhome.ca.gov and click on the "90 Days of Hope" tab. There visitors will find a printable flyer to display in public areas or insert into a newsletter to inform employees that could be facing foreclosure that there is hope for them to stay in their homes and continue to be a responsible taxpayers for our economy.