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October 15, 2012

State AG Pruitt delivers first mortgage settlement check

Associated Press

— OKLAHOMA CITY — Oklahoma Attorney General Scott Pruitt has presented the first homeowner check in connection with the state's $18.6 million settlement with the nation's largest lenders.

Pruitt presented a $20,000 check Monday to Zachary and Melissa Zuniga, who say they lost their home in Tulsa after they tried to participate in a mortgage modification program.

Pruitt says more than 700 Oklahomans have applied for relief from the Oklahoma Mortgage Settlement Fund. More than 100 applications have been approved so far. Homeowner payments will range from $5,000 to $20,000 and will average $11,000.

Practices banks engaged in that are covered under the settlement include robo-signing, where signatures were applied to documents without proper oversight, or dual-tracking, which involves banks guiding homeowners on adjusting mortgages while at the same time pushing ahead with foreclosure.

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