This post was on the Daily Business Journal:

"Maryland has approved emergency legislation that will try to ward off future increases in housing foreclosures.

Mortgage service companies must now provide the state with lists of homeowners who have adjustable mortgage rates that are on the cusp of resetting at higher interest rates, under the regulation approved Tuesday by Gov. Martin O’Malley. The breadth of subprime and adjustable-rate mortgages that were given to people with poor credit during the housing boom has been blamed for the recent spike in foreclosures.

The state Department of Labor, Licensing and Regulation (DLLR) will keep the homeowners’ names and provide them with information on resources to fend off foreclosure. One form of assistance the state provides is the "Bridge to Hope Loan Program," which provides zero percent-interest gap loans to homeowners who are a few months behind on their mortgages." ……..

This is a glimpse of what California is currently preparing for.  The mortgages due to reset are in the billions each month for the next 12 months.  We are about to get hit by a wave of foreclosure that have never been seen before.