02/12/2008 GAAS:70:08 FOR IMMEDIATE RELEASE Print Version | Email / Share
Gov. Schwarzenegger Issues Statement Regarding Federal Mortgage Plan Announcement
Gov. Arnold Schwarzenegger today issued the following statement regarding the announcement of a federal plan to further assist homeowners who are facing foreclosure:
"I applaud these further actions by the federal government to assist homeowners who are unable to make their mortgage payments. No state has felt the economic impact of the housing crisis as intensely as California. This additional step, paired with increased loan limits in the economic stimulus package passed by Congress last week, as well as the agreements the federal government and my administration signed with lenders last year provide more options for homeowners to remain in their homes. This will also greatly assist our economy in weathering this downturn."
To help those hit hard by the subprime mortgage crisis, the Governor has:
- Announced $69.5 million in permanent low-interest loans from the Proposition 1C housing bonds to jumpstart 14 affordable multi-family projects up and down the state helping more than 1,000 California families and individuals realize the dream of an affordable rental home.
- Announced more than $72 million in federal HOME Investment Partnerships Program funds to provide assistance to first-time homebuyers, reduce the number of bank owned homes and increase the number of rental properties.
- Called on Congressional leaders to quickly pass legislation to raise limits for government loan programs to help reduce foreclosures and allow more people to achieve the American dream with solid, responsible loans.
- Joined the OneCalifornia Foundation to announce a bridge loan fund for homeowners facing foreclosure in Oakland.
- Launched a $1.2 million public awareness campaign to help educate homeowners about options that can help them avoid losing their homes to foreclosures.
- Announced an agreement with major loan servicers to streamline the loan modification process for subprime borrowers living in their homes.
- Signed legislation to increase protections for Californians who own or plan to purchase homes and to expand affordable housing opportunities.
