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Governor Schwarzenneger Discusses Homeowner Affordability and Stability Plan

Governor Arnold Schwarzenegger was Tuesday’s KVML Newsmaker with the weekly radio address. Here are his words:

"Hi, this is Governor Arnold Schwarzenegger with another California Report.

One of the best ways to get our economy moving again, is to help stabilize the housing market by keeping more people in their homes.

This week President Obama released the details of his Homeowner Affordability and Stability Plan.

It could help millions of families avoid foreclosure, through loan modifications and low-cost refinancing.

I applaud the President, Secretary Geithner and Secretary Donovan for taking this big action.

Of course this is something California has been working on since 2007, and it is great to finally see the federal government get on board.

More than a year ago, my Administration reached a voluntary agreement with major lenders to freeze interest rates for homeowners most at-risk to foreclosure.

This was the first agreement of its kind in the nation.

In my State of the State Address last January, I pledged we would help 100,000 Californians keep their homes.

I am now proud to say that we have met and exceeded that goal.

New data shows more than 136,000 loan modifications occurred throughout California in 2008.

That’s 136,000 families who were able to maintain their homes and their livelihoods and hundreds of neighborhoods who were saved from the blight of for-sale signs.

Now, this is terrific news, but we never rest on our laurels.

The threat of foreclosure still looms over thousands of California families and risks our economic recovery.

We must continue to take whatever steps we can to help.

The new budget I signed last month includes a 90-day delay on foreclosures to give homeowners and lenders more time to work toward a modification. It also rewards lenders that have robust modification programs in place.

There is no magic bullet, no single solution to the housing crisis.

But working together, using every tool in our grasp, we can help struggling homeowners

and struggling communities and at the same time, help get our economy back on track.

So once again, I applaud President Obama and his Administration for their terrific work and I look forward to partnering with them to help more Californians keep their American Dream alive.

Thank you for listening."

The Newsmaker of the Day can be heard each weekday morning at 6:47, 7:47 and 8:47 on AM-1450 KVML.

Written by mark@mlode.com