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Thanks to the partnerships with nonprofits and community leaders, Bank of America is able to assist more homeowners at risk of foreclosure than ever before.
While our commitment has yielded success, more work must be done to help sustain the vitality and health of our communities. We are dedicated to making national and local home retention and neighborhood stabilization efforts even more accessible to the communities we serve. Here are some programs that are already in place or in development:
Home Retention Team: Throughout the year, our Home Retention team participates in outreach events across the country. In addition, Bank of America has 6,000 Home Retention Specialists to assist homeowners with aggressive home retention programs.
Counselor Training: We provided direct training to many of our nonprofit counselors, helping them better understand the various types of workout programs available to consumers with financial challenges.
Seminars & Community Events: We have reached our borrowers through office visits, seminars, and events to provide them with strategies for staying in their homes.
Community Partnerships: We partner with community groups across the nation. These partnerships strengthen existing efforts, implement new strategies, and support activities that champion the benefits of owning a home.
HOPE NOW Alliance: We partnered with HUD and regional 3-1-1 foreclosure hotlines to provide free counseling advice to at-risk borrowers.
Alliance for Stabilizing Our Communities (ASC): To address foreclosure prevention in low- to moderate-income and multicultural communities, we launched ASC, a two-year, $2.5 million initiative, in collaboration with the National Urban League, National Council of La Raza, and National Coalition for Asian Pacific American Community Development and their affiliated organizations. Funding supports capacity building, marketing, and outreach efforts and comprehensive counselor training.
Neighborhood Stabilization
Bank-Owned Properties: We are developing partnerships with cities, counties, and states to revitalize communities by helping them acquire vacant and foreclosed properties. In addition, we are testing a pilot sales process with National Community Stabilization Trust-a nonprofit intermediary established to assist communities in developing efficient, business-like acquisition processes for acquiring real estate-owned properties from financial institutions.
Self Help: This respected nonprofit center for community program, received a $15 million Program Related Investment under our Neighborhood Preservation Initiative. Its financing affiliates, Self-Help Credit Union and Self-Help Ventures Fund, provide financing, technical support, and advocacy for those left out of the economic mainstream. Self-Help reaches out to female, rural, and minority homeowners in North Carolina, Washington, D.C., California and many other states.
As one of the world's leading financial service institutions, Bank of America continues its strategy to create safe, prosperous communities. Our belief is that a healthy community creates a healthy business. Moving forward, we will continue to work with our dedicated nonprofit partners to achieve our goal of providing even more home retention and foreclosure education assistance.
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04/27/09 Introducing Bank of America Home Loans ...
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03/20/09 NSP Fund Information ...
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