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VISIT US ONLINE @ DSNEWS.COM Schneiderman, who heads President Obama's special investigation unit looking into pre-crisis mortgage-backed securities, added, "As we continue to investigate the mortgage crisis that has impacted communities in every corner of this state, this effort will ensure that justice and accountability prevail at every step of the way." Two-thirds of the $3 million allocated by Schneiderman to fund legal aid services for foreclosure prevention will be paid from an agreement with Steven J. Baum P.C., its Pillar Processing subsidiary, and principals Steven J. Baum and Brian Kumiega, which the parties entered into to settle charges of foreclosure abuse. Another $1 million will be funded by unspent dollars from a settlement between the attorney general's office and Ameriquest Mortgage Co. over predatory lending practices to sell and refinance mortgages. Data show that an average of 1 in 10 mortgages statewide is at risk of foreclosure. According to the attorney general's office, the approximate number of individuals currently living in homes that are either in foreclosure or at risk of foreclosure exceeds the populations of Buffalo, Rochester, and Syracuse combined. BofA to Offer Principal Writedowns to 200K Delinquent Borrowers To be eligible, a homeowner must owe more on the mortgage than the property is worth today and must have been at least 60 days behind on payments on January 31, 2012. In addition, the homeowner's monthly housing costs must be more than 25 percent of gross household income, and the loan must be owned and serviced by Bank of America or serviced for another investor that has authorized the bank to grant principal writedowns. Officials at Bank of America estimate average monthly savings of 30 percent for customers who qualify for the program. The North Carolina-based lender said in a statement issued May 8 that it had already extended about 5,000 trial modification offers involving principal reductions since March, with a potential total of more than $700 million in forgiven mortgage debt. Homeowners are required to make at least three timely trial payments before the modification can be made permanent. "Building on home retention and payment assistance programs already in place, we are meeting our obligation to deliver this additional relief to our customers following the completion of the recent global mortgage settlement," said Ron Sturzenegger, Bank of America's executive over legacy asset servicing. "To the extent principal reduction and other modification tools help us turn mortgages headed for possible foreclosure into long-term performing loans, it will be positive for homeowners, mortgage investors, and communities," Sturzenegger added. The first letters of Bank of America's mail blitz should have already started landing in mailboxes, with the majority of the 200,000plus identified candidates receiving notice by the third quarter of this year. Bank of America has committed to slashing $11 billion in mortgage debt for struggling homeowners as part of the settlement agreement reached. But with BofA expecting an average principal reduction of $150,000 for each borrower, crude estimates put the tab potentially as high as $28 billion to $30 billion if a large majority of those targeted respond to the company's outreach efforts and satisfy the qualifying criteria. Bank of America (BofA) began mailing out more than 200,000 letters last month targeting borrowers thought to be eligible for principal-reducing modifications under terms of the recent settlement the company and four other servicers reached with the federal government and 49 state attorneys general. Auction house Profiles in History put up for sale the abandoned North Carolina mill town where The Hunger Games was filmed. The property is valued at more than $1.2 million. North Carolina rank: 23 90+ Day Foreclosure Unemployment Delinquency Rate RateRate march 2012 3.02%3.28% 9.7% year ago 3.31%2.89%10.4% percent point change -8.8%13.8% -6.7% Top County 90+ Day Delinquency Rate BERTIE COUNTY Foreclosure Rate march 2012 5.34%6.83% year ago 7.12%5.69% percent point change -24.9%19.9% Top Core-Based Statistical Area CHARLOTTE-GASTONIA-CONCORD, NC-SC 90+ Day Foreclosure Delinquency Rate Rate march 2012 3.38%4.13% year ago 3.69%3.62% percent point change -8.4%13.9% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the March 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary March 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. North Carolina James Williamson & Associates REO Sales & Marketing, 20+Years REO Brokerage, Property Preservation 336.682.4007 or 336.655.5990 fax: 800.795.7065 james@jamesewilliamson.com MEMBER Be confident that the industry is hearing your message. Advertise with DS News today. Call 214.525.6700 or visit DSNews.com. IN THE NEWS KNOW THIS 103