Arizona to get $1.6 billion from natl. lender settlement, $10 million from BofA lawsuit
Posted February 11th, 2012 by Anthony Boydston
Arizona will receive $1.6 billion of the $26 billion settlement over bad foreclosure practices that government officials reached with the nation’s biggest lenders today.
Separately, the state will receive $10 million from Bank of America to settle its lawsuit over alleged mortgage fraud the Arizona Attorney General filed against the lender in December 2010. The settlement of that lawsuit, reached late last night, had to happen for Arizona to participate in the national settlement. BofA is also part of the nationwide settlement.
The $26 million deal is the largest industry settlement since the multistate tobacco deal reached in 1998.
The money will …