Florida's share of the total monetary benefits under the settlement is about $8.4 billion. Florida borrowers will receive an estimated $7.6 billion in benefits from loan modifications, including principal reduction, and other direct relief. About $170 million will be available for cash payments to Florida borrowers who lost their home to foreclosure from Jan. 1, 2008 through Dec. 31, 2011 who were the victims of abuses. The value of refinanced loans to Florida's underwater borrowers would be an estimated $309 million.
Scott Brown, chief economist with Raymond James, said the one million homeowners who may restructure their mortgages comprise only 10 percent of those underwater. Brown said the deal will not have a large impact on the U.S. economy or consumers.
"Every little bit helps and it will be significant for those restructuring, but it's not going to have a huge impact on the housing sector overall," he said.
Payments of about $2,000 will be made to about three-quarters of a million households that were foreclosed on through abusive practices, distributed over three years.
"That will be good for those receiving checks, but the impact on overall consumer spending is likely to be relatively small," he said, though the size of the deal could change if more mortgage servicers join later.
The Neighborhood Assistance Corporation of America said it is disappointed the Obama administration failed to address the government owned or insured mortgages.
"The state attorney generals were very successful in obtaining significant assistance from the banks they can impact," the group said in a statement. "The Obama administration continues to show that they are unwilling to require the government mortgage programs, which constitute 80 percent of the total mortgages (i.e. FHA, VA, Fannie Mae and Freddie Mac), to be responsive in preventing foreclosures and in restructuring/modifying mortgages to make them affordable."
The deal would apply to loans that were not sold to mortgage guarantors Fannie Mae and Freddie Mac.
Bank of America has issued the following statement:
"We believe this settlement will help provide additional support for homeowners who need assistance, brings more certainty to the housing market and aligns to our ongoing commitment to help rebuild our neighborhoods and get the housing market back on track."
ABC News' Mary Bruce and Zunaira Zaki contributed to this report.