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Nearly 65K Arizonans foreclosed on to get checks

PHOENIX -- 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 percent share of a $25 billion National Mortgage Settlement that was announced in February 2012.

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

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