MORTGAGE WORKOUT SOLUTIONS FOR AT-RISK CALIFORNIA HOMEOWNERS OUTPACE FORECLOSURE SALES 2-1

Washington, D.C.- December 16, 2009 – (RealEstateRama) — Faith Schwartz, Executive Director, of the HOPE NOW Alliance, testified today before the State Assembly Select Committee on the Safety and Protection of At-Risk Communities in California. Schwartz testified that through October 2009, more than 279,000 California homeowners received mortgage workout solutions. This compared to about 139,000 foreclosure sales in the state this year shows that workout solutions outpace foreclosures in sales 2 to 1 in California