Top 5 lenders: $500 million spent to help Arizona homeowners

Homeowner advocates see little proof of aid

By Catherine Reagor

The Arizona Republic

The nation’s five biggest lenders say they recently spent more than a half-billion dollars to help struggling Arizona homeowners, according to a report released Wednesday on the status of the $25 billion lender settlement.

So far, 7,735 of the state’s mortgage borrowers have received aid from the settlement, which was announced in February. Most of those people were given help completing short sales. All the lenders except Bank of America also reported they completed loan modifications and refinancings to help borrowers stay in their homes.

However, it’s been difficult to find many of the more than 7,000 Arizona homeowners who received the aid outlined in the report.

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