Portion of $17B Bank of America Settlement with U.S Department of Justice to Help Hoosiers
INDIANAPOLIS – Indiana’s Interest on Lawyers’ Trust Account (IOLTA) program will receive a portion of a $17 billion settlement the U.S. Department of Justice reached with Bank of America, announced earlier this week. That aid will be distributed throughout the state to assist Hoosiers struggling with mortgage foreclosures.
Charles R. Dunlap, J.D., executive director of the Indiana Bar Foundation is the newly elected president of the National Association of IOLTA Programs (NAIP). The Indiana Bar Foundation administers Indiana’s IOLTA program, which like others in the country assists low income people in need of civil legal services in each state or territory.
While Dunlap is pleased to receive the additional resources to assist low income Hoosiers, he cautioned, “It could take several years for the funds to be distributed so relief for people struggling with mortgage foreclosure could still be more than a year away.”
While the amount Indiana will receive from the settlement will be significant, Dunlap is unwilling to speculate on the amount Indiana will receive from the settlement since some of the funds awarded are contingent on other aspects of the overall settlement.
"While $17 billion is certainly a big number, the portion that Indiana’s IOLTA program will receive is only a small portion of the overall amount and comes on the heels of over five years of unprecedented low revenues due to the historically low prevailing interest rate environment we have experienced,” Dunlap said. “We are extremely grateful for the increased ability we will have to help struggling Hoosiers with these settlement funds, but we have to be patient to see how all the details work out.”
Dunlap has been a member of NAIP for 13 years. As NAIP president he is responsible for a board of 14 members representing all 52 NAIP programs. His term in this office is one year (July 2014-June 2015).
U.S. Department of Justice settlement with Bank of America News Release see this link