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Okla. Reaches Insurance Deal (Feb 09, 2012)

OKLAHOMA CITY (AP) - Oklahoma Attorney General Scott Pruitt says five mortgage lenders who reached a $25 billion settlement with 49 other states over foreclosure abuses have agreed to pay Oklahoma $18.6 million in a separate agreement.

Pruitt announced the deal Thursday shortly after the settlement agreement with the other states was announced in Washington.

Pruitt says he chose to reach a separate agreement because he thought the national settlement had broadened to become an attempt to restructure the mortgage industry rather than an attempt to compensate victims of lending abuses.

Pruitt says the state will receive the same amount of money in the separate settlement as it would have received in the national one.

Pruitt's office says it has received 86 complaints since October 2010 involving mortgage practices that violate Oklahoma law.

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