Well, every single state in the country will get a piece of that $26 billion to help troubled homeowners keep their homes, every single state except Oklahoma. The attorney general in Oklahoma decided to opt out of the multistate settlement to hold banks accountable for questionable lending and foreclosure practices.
Scott Pruitt is Oklahoma's attorney general, and he joins me now on the line. Attorney General, welcome.
A member of the Occupy Wall Street movement places tape over a window of a foreclosed home during a march in the impoverished community of East New York in Brooklyn in December.
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The $26 billion deal Thursday reached by the federal government, most states and the nation's largest banks to compensate homeowners for abusive foreclosure practices was hailed as a landmark agreement. But it's unlikely to end the mortgage mess that has depressed property values and left millions of homeowners owing more than their homes are worth, analysts say.
"After negotiating through the night," NPR's Yuki Noguchi reports, states attorneys general, federal officials and five major banks have agreed on a plan that will provide about $26 billion in mortgage relief and aid to homeowners who got crushed when the housing bubble burst.
In December, Freddie Mac CEO Charles Haldeman (from left), FHFA acting Director Edward DeMarco and Fannie Mae CEO Michael Williams testified on Capitol Hill about the Federal Housing Finance Agency's performance.
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A federal Inspector General's office confirmed Wednesday it is looking into Freddie Mac investments that act as bets against homeowners being able to refinance.
In addition, U.S. senators are expected to probe Freddie Mac's investment practices at a hearing on Capitol Hill on Thursday.
Freddie Mac, based in northern Virginia, is the taxpayer-owned mortgage giant whose public mission is to make homeownership more affordable for Americans.