http://www2.sbsun.com/news/ci_7620271
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Figures provided by the Federal Housing Administration show that California homeowners make up only 3 percent of total loans offered nationwide under a new bailout program designed to help them avoid foreclosures. Inland Empire borrowers make up just under 1 percent - in an area that reports the third-biggest number of foreclosures in the nation. [California comprises almost 12 percent of the total U.S. population.]
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Experts say California's higher- than-average loan amounts confound the issue.
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Another factor limiting California borrowers is the program's $362,790 lending limit.
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"For too long, FHA has been priced out of the market in California," O'Halloran said.
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