Attorney General sets 3-year foreclosure plan for lender-case funds

The Arizona Attorney General's Office will spend most of the state's undesignated funds from the national $25 billion lender settlement on efforts to prevent foreclosures. However, it could be months before any money will be available to distressed homeowners.

On Monday, Attorney General Tom Horne released details of a three-year program to spend $57 million. Of that amount, $47 million comes from the $98 million Bank of America, Citibank, Chase, Wells Fargo and Ally Financial agreed to pay Arizona when the settlement was finalized in February.

About $10 million of the total comes from a separate settlement of an Arizona lawsuit with BofA over allegations of mortgage fraud.

Read more: Attorney General sets 3-year foreclosure plan for lender-case funds