STATE REQUESTS APPLICATIONS FROM ORGANIZATIONS TO PARTICIPATE IN THE FORECLOSURE ASSISTANCE PROGRAM

News Release from Hawaii Attorney General’s Office June 4, 2012

HONOLULU – The Department of the Attorney General (the “Department”) is seeking applications from organizations that are interested in receiving funding to assist distressed homeowners in Hawaii. This funding is part of the historic multi-state mortgage foreclosure settlement between the State of Hawaii and Bank of America Corp., J.P. Morgan Chase & Co., Wells Fargo & Co., CitiGroup, Inc., and Ally Financial, Inc. (Ally is the parent of GMAC Mortgage) (the “Settlement”).

The Settlement includes approximately $7.9 million in direct funds to the State of Hawaii, which will be administered by the Department to create a Foreclosure Assistance Program.

Attorney General Louie declared his intention to distribute this money swiftly: “By assisting organizations who are on the front lines fighting the foreclosure crisis, this program will make a major difference in the lives of thousands of Hawaii homeowners. We will distribute this money as quickly and effectively as possible.”

It is the Attorney General’s intention to distribute the funds for, among other things:

• 
  Housing and financial counseling;
• 
  Public education;
• 
  Mediation and dispute resolution; and
• Enforcement of laws and agreements protecting the rights of homeowners.

Interested organizations are encouraged to submit an application to be part of this effort to help Hawaii homeowners, in coordination with the Department. Applicants may apply for funding in accordance with procedures set forth on the Department’s website. Go to www.hawaii.gov/ag and click on the link titled “Foreclosure Assistance Program.”

Pursuant to the procedures set forth by the Department, all applications for funding must be received by July 13, 2012.

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CN: At Last, Some Money for Mortgage Relief “Individual homeowners may not apply.”