A $25 billion settlement reached after the mortgage madness as a result of the plummeting housing market.
President Obama said, "No action no matter how meaningful is going to entirely heal the housing market but this settlement is a start."
Nearly 750,000 Americans will receive money as part of the deal. Oklahoma wasn't part of that deal but that doesn't mean Oklahomans will be left empty handed.
49 states took part in the settlement and those who live in those states can expect $2,000 as a way to say sorry. Oklahoma was the only state to pass on the deal. That's because they reached an independent settlement worth $18.6 million,
Oklahoma Attorney General Scott Pruitt said he chose to reach a separate agreement because he thought the national settlement was too broad.
He said, "We believe the national settlement was more to fix the housing market instead of misconduct and wrongful mortgage practices."
Back when the housing market was steady, Ricky Reed, found a sweetheart deal to refinance his new home and thought why not.
Reed said, "I was excited. It was in South Broken Arrow near the golf course. Everything was looking good and then it was just devastating."
He added, "It seems like yesterday. I still haven't recovered from it."
That refinance turned out to be anything but easy. Soon lenders were calling saying his rates would be increasing or the mortgage would be changing hands completely.
Reed said, "Every month it would be, I would get a letter in the mail saying that they sold my note to another bank. It was a horrible deal. I was deathly afraid of losing my home which I did."
Reed has put $30,000 down on the home and then spent thousands more remodeling.
He said, "When I got the house I planned on living in it for the rest of my life. I would still be in it no doubt about it."
Oklahoma wasn't part of the national settlement, opting to go solo instead, to pull $18.6 million just for Oklahomans.
Reed said, "That was like a ray of sunlight coming in."
He said he's going to apply in hopes of finally being a homeowner again.
Reed said, "I know that I'll own another home. It's going to take a little while but I know it's going to happen. I have faith."
He added, "I was getting it from them. Now it's nice to see that they're actually getting it back so it's a good feeling."
If you want to apply for the settlement, you'll have to go through the Oklahoma Attorney General's Public Protection Unit.
