SACRAMENTO (OBSNews.com) - Governor Arnold Schwarzenegger issued the following statement after the Obama Administration announced adjustments to its Home Affordable Modification Program and the Federal Housing Administration programs to better assist homeowners affected by the economic crisis:

“I applaud today’s action by the Obama Administration to help struggling unemployed and underwater homeowners stay in their homes. This housing crisis has been devastating for many, especially in California were my Administration has taken significant steps to help homeowners. I am proud we have achieved more than a quarter million home loan modifications in California and am confident these new initiatives will have a meaningful impact for even more California homeowners and their communities.”

Governor Schwarzenegger was quick to recognize and react to the housing downturn in 2007, and his efforts have resulted in more than a quarter million loan modifications for California homeowners. Some of his actions include:

In 2007, the Governor forged an agreement with major loan servicers to streamline the loan modification process for subprime borrowers living in their homes.

In 2007, the Governor launched a $1.2 million public awareness campaign to help educate homeowners about options that can help them avoid losing their homes to foreclosures.

In 2007, the Governor established the Interdepartmental Task Force on Non-traditional Mortgages to ensure a coordinated approach to the issues raised by subprime loans.

In 2008, the Governor successfully lobbied the federal government to increase home loan limits permanently.

In 2008, the Governor signed legislation to help protect homeowners by requiring a mortgage holder to provide a 30-day notice to a borrower prior to filing any default notice leading to the foreclosure.

In 2009, the Governor signed a package of bills to increase protections for consumers in the lending market and increase tools for law enforcement to fight deceitful mortgage practices.