Arizona AG details $57M mortgage settlement funds
Web Producer: Mekita Rivas
PHOENIX (AP) - Arizona Attorney General Tom Horne has released details of how the state will utilize $57 million in mortgage settlement funds.
The money is from funds awarded to Arizona and 48 other states as part of a $25 billion national mortgage settlement earlier this year. The settlement was with the nation's five largest banks plus $10 million from a separate lawsuit against Bank of America.
At a news conference Monday afternoon, Horne said about $41 million will be used to help keep people in their homes and for consumer restitution.
There will also be funding for enforcement to ensure terms of the settlement are adhered to.
Horne says other funds are earmarked for housing counseling, legal assistance and a communications plan designed to let eligible borrowers know what programs are available.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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