Pelosi: 1 In 20 Homeowners In California To Face Foreclosure

San Francisco, CA (AHN)- House Speaker Nancy Pelosi was in San Francisco, California on Saturday to campaign on legislation to curb the country's mortgage crisis, reports said Sunday.

Pelosi told the San Francisco Chronicle that about 8.8 million homeowners in the U.S. owed more on mortgages than their homes are originally worth. In California, Pelosi said, one in every 20 homeowners will face foreclosure in the next two years.

According to ABC News, Pelosi was pushing for a series of bailout measures and expects Congress to act by May 5.

"We want to simplify it for homeowners so they can keep their homes. We want to make it possible for renters to be able to live in affordable housing," ABC News reported quoting Pelosi.

San Francisco Mayor Gavin Newsom, who promoted his 'don't borrow trouble' campaign, said lenders foreclosed some 130 properties in the Bayview in the first quarter, the report added.

The Chronicle said Pelosi blamed the mortgage crisis on greedy lenders and the Bush administration. She urged voters to vote for a Democrat as the country's next president.

Pelosi were among the speakers in a foreclosure workshop in San Francisco's Bayview District. The workshop was one of 25 being held in California, ABC News said.