Oklahoma Attorney General Pruitt has filed an $18.6 million settlement with the five largest U.S. mortgage servicers to compensate Oklahoma residents who were harmed by unfair banking practices during the foreclosure crisis.
Oklahoma was the only state to opt out of the $25 billion national settlement with the mortgage lenders after Pruitt said the national agreement was an attempt by the federal government to regulate the industry through litigation rather than legislation.
In rejecting the federal agreement, Pruitt turned down an estimated $10.2 million that would have gone to Oklahoma victims of unlawful or unfair foreclosure practices.
Pruitt said the Oklahoma settlement is aimed at providing greater compensation to victims more quickly than under the national agreement.
Under the settlement with Oklahoma, Bank of America, Citigroup, JPMorgan Chase, Wells Fargo and GMAC will pay sums ranging from $935,208 to more than $4 million each.
The settlement was filed in Oklahoma County District Court.