Oklahoma reaches an independent mortgage settlement with five mortgage lenders, according to Oklahoma Attorney General Scott Pruitt.
Pruitt announced the state's deal on Thursday after the settlement agreement with 49 other states was made in Washington. The five mortgage lenders - Bank of America, Citigroup, JPMorgan Chase, Wells Fargo and GMAC – will pay out $25 billion to those 49 other states over foreclosure abuses. Those same lenders have agreed to pay Oklahoma $18.6 million in a separate agreement, the same amount of money as it would have received in the national one.
"Oklahoma is fortunate to have a stronger housing market and economy than many other states that are struggling," Pruitt said. "This settlement will provide damages to those Oklahomans who did fall victim to unfair and unlawful misconduct of mortgage servicing companies, while not exceeding the appropriate role and authority of state attorneys general."
Pruitt's office says it has received 86 complaints since October 2010 involving mortgage practices that violate Oklahoma law. The Oklahoma settlement comes after an 18-month investigation by attorneys general in 50 states as well as the U.S. Department of Justice into mortgage servicing practices that contributed to the nation's mortgage and foreclosure crisis.
Homeowners who believe they may have been wrongly foreclosed upon will need to fill out the necessary paperwork for processing a claim. The AG's Public Protection Unit will process relief applications.
To comment or file a complaint for foreclosure relief consideration, call the AG's Public Protection Unit at (405) 521-2029.