BANK OF AMERICA CHARITABLE FOUNDATION ANNOUNCES $250,000 IN ADDITIONAL GRANTS TO CALIFORNIA HOUSING NONPROFITS HELPING FAMILIES STAY IN HOMES

Bank of America is doing some very important work in California, as part of our ongoing efforts to address the mortgage crisis, keep people in their homes, and help working families achieve financial stability.

Bank of America has just announced a $250,000 in grants to nonprofits who are counseling homeowners in Stockton, Riverside, Sacramento and Kern County and helping them develop strategies for avoiding foreclosure. These four communities are the most heavily impacted in the state by the mortgage crisis. In fact, all four are in the top ten nationally.  The funds to help the following nonprofits manage increased case work demands resulting from rising foreclosure mitigation needs:

• Visionary Home Builders, based in Stockton, received $70,000 to provide post-purchase and mortgage default counseling for homeowners in the Central Valley.
• Springboard, based in Riverside, received $65,000 to offer mortgage default and foreclosure prevention services for homeowners across the Inland Empire.
• NeighborWorks HomeOwnership Center - Sacramento Region, received $65,000 to provide foreclosure prevention services for homeowners in Sacramento County.
• Self Help Enterprises received $50,000 to provide mortgage default counseling to homeowners in Kern County.

These grants are in addition to the $500,000 that Bank of America had previously committed to foreclosure intervention efforts in California, significantly increasing the capacity of community organizations to help more people

Bank of America is also participating in a number of free foreclosure prevention workshops organized by the Governor's office and HOPE NOW, a national of coalition of counselors, investors and lenders, and hosted by local elected officials. Bank of America has participated in workshops in Los Angeles, San Diego, Riverside, Sacramento, Stockton, Oakland and Roseville. Additional workshops have been scheduled in Anaheim, the San Fernando Valley, Modesto, Stockton and Riverside Bank of America is reaching out to our at-risk borrowers and encouraging them to attend the events, where loss mitigation specialists from Bank of America and other companies meet personally with borrowers and help them to develop plans that will enable them to stay in their homes.

Bank of America has made and will continue to make significant investment in California and the well being of Californians. Bank of America is also active on a national scale, working with public officials and community groups to explore new initiatives to help homebuyers. For example, Bank of America recently announced that they have joined Project Lifeline, the federal government's new initiative designed to reach out to severely delinquent borrowers and pursue loan modification options. Bank of America is also an active partner with HOPE NOW at a national level and we support the Center for Foreclosure Solutions, an initiative undertaken by NeighborWorks America to develop strategies for preserving home ownership.

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