Most of the $338 million North Carolina is receiving as part of the blockbuster $25 billion mortgage servicing settlement announced last week will flow directly to underwater borrowers in the form of principal reduction and other foreclosure relief.
- $20 million to the N.C. Housing Finance Agency, who will distribute the money to independent housing counselors.
- $12 million to independent legal assistance organizations.
- $10 million to the state’s general fund, the money appropriated across state agencies in the annual budget.
- $10 million to the State Bureau of Investigation and district attorneys’ offices for training in the prosecution of financial crimes.
- $6.3 million to the public school system.
- $5 million to the consumer protection division of the attorney general’s office, to investigate financial fraud and spread the word about the settlement.