Calif. urged to deal with subprime crisis

SACRAMENTO, Nov. 30 (UPI) -- A lawmaker urged California Gov. Arnold Schwarzenegger Friday to call a special legislative session to deal with the expanding subprime mortgage crisis.

Assembly Speaker Fabian Nunez, who called for the session, warned that time is running out for a fix to the rash of foreclosures and to stop what critics call predatory lending practices, the Los Angeles Times reported.

"If you think we are in trouble now, just wait and see what happens," said Nunez who also worked with Democratic lawmakers on a package of new consumer protections.

Meanwhile, Schwarzenegger kicked off a $1.2-million education campaign in Riverside to help borrowers and lenders restructure loans before a home is lost to foreclosure.