Retraining for laid-off mortgage employees

California Governor Arnold Schwarzenegger has proposed initiatives which will utilize various federal & state funds inclusive of $5.6 million federal grant for retraining banking & mortgage workers who were laid off because of mortgage subprime crisis (there has been 8,400 layoffs since last July).

Money for training will be arranged from National Emergency Grant of U.S. Department of Labor. The funds from National Emergency Grant can be used by Department Secretary when unforseen events create urgent need for assistance for unemployed workers & such assistance is beyond state's handling capacity.

Governor recently also awarded $73 million for forty housing projects to help 1,611 families rent or purchase houses in 26 California cities.

Some other projects have also been undertaken to negate the housing slump such as loans with low interest from Proposition 1C housing bonds for $69.5 million, $1.2 million public awareness campaign for homeowners on options which can be used in avoiding foreclosure, and providing assistance of $72 million to first time house buyers from funds available from federal HOME IPP (Investment Partnership Program).