On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal authorities and 49 states. The settlement, known as the National Mortgage Settlement , required the servicers to provide about $26 billion in aid to distressed homeowners and in-direct funds to the states and the federal government. This settlement quantity makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement. The 5 banks had been additionally required to adjust to 305 new mortgage servicing requirements. Oklahoma held out and agreed to settle with the banks individually. The authorities assured losses on greater than $300 billion of troubled assets and injected $20 billion immediately into the company.
