Arizona Attorney General Tom Horne plans to distribute millions of dollars to homeowners impacted by the foreclosure crisis that the state received as part of the National Mortgage Settlement.
The funds to help keep Arizonans in their homes are part of the settlement with the nation's five largest mortgage servicers — Ally Financial (GMAC), Bank of America (BAC), Citi (C), JPMorgan Chase (JPM) and Wells Fargo (WFC).
Restitution checks in the amount of $1,480 for distressed borrowers will be sent out who filed claims this week.
The original estimate of director restitution was $845, Horne noted.
When the settlement was first made, it was announced that $1.6 billion would go to Arizona homeowners, most of it directly from banks.
In addition, $57 million of relief was to be administered directly by the attorneys general office.
"For more than a year, our office has been working diligently to help Arizona consumers who were devastated by the mortgage crisis, and the legislature’s approval will help us do even more," Horne said.
He added, "Although the housing market is showing signs of improvement, thousands of Arizonans are seeking help to stay in their homes so there is still work to be done."