Governor, Dellums describe Oakland mortgage bridge-loan plan

The San Francisco Chronicle reports:

Mayor Ron Dellums and Gov. Arnold Schwarzenegger on Friday announced a loan program that may help some Oakland homeowners avoid foreclosure.

At a news conference in the city's working-class Fruitvale District, the mayor and governor said One California Foundation in Oakland has established a $1 million bridge-loan fund to help borrowers who don't qualify for recent federal and state rate-freeze programs.

Initially the program will focus on Oakland homeowners, but officials said it could be expanded throughout the state. Oakland has the 10th highest foreclosure rate in the nation.

In the third quarter of this year, the city recorded one foreclosure filing for every 71 households, a 268 percent increase from the same period in 2007, according to RealtyTrac, a company that collects and sells information on pending foreclosures.

Some people are for artificially high home prices