Bar News - June 17, 2015
NH Bar Foundation News: Bank Settlement Boosts Legal Aid for Homeowners
As part of the massive settlement resolving allegations of the bank’s misrepresentation of the quality of mortgage securities, Bank of America last year pledged to pay $30 million to IOLTA programs nationally for civil legal services assisting homeowners.
The New Hampshire Bar Foundation recently received a $243,399 payment from Bank of America for this state’s share of the $30 million allocated for legal services under the settlement agreement.
A subcommittee of the NH Bar Foundation Board of Directors is scheduled to meet in early July with the civil legal aid providers that collaborate on the NH Foreclosure Relief Project to discuss ways to allocate these funds which, under the agreement, will be directed to “foreclosure prevention legal assistance and community redevelopment legal assistance.”
Each state’s IOLTA program was to receive $200,000, with the remainder of the $30 million allocated based on population and the percentage of the state’s population living in poverty.