Nearly 65K Arizonans foreclosed on to get checks - Philadelphia News, Weather and Sports from WTXF FOX 29

Nearly 65K Arizonans foreclosed on to get checks

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PHOENIX (AP) - Nearly 65,000 Arizonans who lost their homes to foreclosure from 2008 to 2011 will receive checks for $1,480 this summer.

Arizona Attorney General Tom Horne says it's part of a settlement with the nation's five largest banks.

The $96.5 million settlement involved Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo.

Horne announced the restitution payments at a news conference Thursday in Phoenix.

Arizona was among the hardest hit states by the mortgage crisis.

It's getting a 7.6% share of a $25 billion National Mortgage Settlement that was announced in February 2012.

That's the third largest share behind California and Florida.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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