In order to help those hit hard by the subprime mortgage crisis, Gov. Arnold Schwarzenegger has:
- announced $69.5 million in permanent low-interest loans from the Proposition 1C housing bonds to jumpstart 14 affordable multi-family projects, which is to help more than 1,000 California families,
- announced more than $72 million in federal HOME Investment Partnerships Program funds for first-time homebuyers,
- called on Congressional leaders to quickly pass legislation to raise limits for government loan programs,
- 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 educate homeowners about how to avoid losing their homes,
- 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.