There was one little-noticed part of this week's announcement about the $25 billion national mortgage settlement. North Carolina's banking commissioner, Joseph Smith Jr., will take over a new role and serve as independent monitor. He'll oversee the five banks which agreed to new mortgage loan servicing and foreclosure standards.
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.
Okfuskee County in Oklahoma is the birthplace of Woody Guthrie, who would have turned 100 this year. Much of the economic problems Guthrie sang about were from what he saw in the county, which was once the largest all-black community in the country. Guthrie's music still resonates there, especially in the town of Boley, where hope is hard to come by. Logan Layden of State Impact Oklahoma reports.