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78 STATE OF AFFAIRS: NORTHEAST » IN THE NEWS Berkshire Hills Completes Acquisition of BofA Branches in Central New York Berkshire Hills Bancorp, Inc., announced Tuesday that its banking subsidiary, Berk- shire Bank, has completed the previously announced acquisition of 20 retail bank locations from Bank of America, effective January 17, 2014. As a result of the transac- tion, Berkshire acquired approximately $450 million in deposits and $4 million in loans as of January 14, 2014, bringing the total number of branches in Berkshire's footprint to 91 across New England and New York. e newest branches are located in the eastern and central New York cities of Amsterdam, Cairo, Chatham, Glens Falls, Greenville, Hudson, Ilion, Johnstown, Little Falls, New Hartford, New Lebanon, Queensbury, Utica, West Winfield, and Whitesboro. Chairman and CEO Michael Daly stated, "We are thrilled to welcome the customers and employees of these branches to 'America's Most Exciting Bank.' Our expanded footprint in New York will benefit both existing and new customers through enhanced convenience and active community support." Berkshire has approximately 91 full- service branch offices in Massachusetts, New York, Connecticut, and Vermont, providing personal and business banking, insurance, and wealth management services. MIAC Brings Fannie, Ginnie Portfolios to MSR Market Mortgage Industry Advisory Corpora- tion (MIAC) announced two new mortgage servicing rights (MSR) portfolios totaling more than $694 million. e first offering is a $669.22 million portfolio from a seller with originations fo- cused mostly in the Northeast. e portfolio contains a mix of Fannie Mae (47 percent) and Ginnie Mae (50.9 percent) loans, with warehouse loans making up the rest. According to MIAC, the portfolio contains all fixed-rate loans with a weighted average interest rate of 3.9 percent, a weighted average delinquency rate of 2.27 percent, and a weighted average loan age of six months. e average loan size for the portfolio is $185,071. e seller will provide full representations and warranties for the loans included in the offering, MIAC said. e bid date for the portfolio is January 30. In addition, MIAC is representing another seller offering a $24.96 million servicing portfolio. e portfolio contains 79.8 percent Ginnie Mae and 20.2 percent Fannie Mae loans. All loans included are fixed-rate and have an average interest rate of 4.5 percent, a delin- quency rate of 0.76 percent, and a loan age of two months. Most of the portfolio's concen- tration is in New York. e average loan size for the portfolio is $190,504. e bid date for the second portfolio is February 7. According to MIAC, the seller is offering the portfolio without full representa- tions and warranties. New York Todd Yovino Broker/Owner Island Advantage Realty, LLC Metropolitan New York and Long Island's Default Specialist for Over 25 Years Todd@iarny.com | 631-820-3400 www.islandadvantage.com The missing piece for your Real Estate Needs! Kamla Jaikaran (Kay) Carrington Real Estate Services (US), LLC Kamla Jaikaran (Kay) 1010 Northern Blvd, Suite 208 Great Neck, NY 11021 Phone: 718-986-6517 Efax: 718-732-2711 Email: kdjaikaran@gmail.com www.carringtonres.com BPO/CMA orders: Please email: bpoprony@gmail.com New York RANK: 3 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate NOVEMBER 2013 2.83% 5.50% 7.4% YEAR AGO 3.22% 6.11% 8.2% YEAR-OVER-YEAR CHANGE -12.1% -10.0% -0.8% Top County SULLIVAN COUNTY 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2013 4.28% 10.90% YEAR AGO 4.62% 11.56% YEAR-OVER-YEAR CHANGE -7.4% -5.7% Top Core-Based Statistical Area KINGSTON, NY 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2013 4.77% 9.16% YEAR AGO 4.57% 8.75% YEAR-OVER-YEAR CHANGE 4.3% 4.7% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the November 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary November 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. The average sale price of a home in New York City from October 2013 to January 2014. Source: Trulia.com STAT INSIGHT $1,101,000