Oklahoma will get in on the $25 billion mortgage settlement after all, with a better and quicker deal it negotiated directly with banks.
How did Oklahoma leave the negotiation table yet become the first to issue checks? [Oklahoma Attorney General Scott] Pruitt said long ago that he would fight for local homeowners, and that the $25 billion settlement was not good enough for victims in his state, so his office negotiated its own agreement directly with the big five banks, providing what they say is up to 20 times more than the payments residents in other states are expected to receive.
The AG’s office said in a statement that over 700 residents applied for relief from the Oklahoma Mortgage Settlement Fund, with an average payment so far of $11,000. Checks have been mailed to over 100 residents, and checks will be mailed each week through the end of January. Families that qualify under one of two main categories receive a minimum of $5,000, with some families seeing as much as $20,000.
Meanwhile those who qualify in Florida are getting around $2,000 back.