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