A nationwide settlement over alleged fraud and abuses in mortgage foreclosures will net New Mexicans a share of the proposed $25 billion payout.

New Mexico Attorney Gary King estimated the state will receive $91.7 million for mortgage relief, refinancing and direct payments related to mortgages issued by five banks:  Ally, Bank of America, Citi, Wells Fargo and JP Morgan Chase.

The deal requires the banks to reduce loans for about a million homeowners in danger of foreclosure and make payments of $2,000 to about 750,000 people whose foreclosures were handled improperly.

The settlement resolution is spread over three years.

New Mexico homeowners with questions can call (800) 678-1508 or for general information visit the National Mortange Settlement website.

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