The New York Times reports a $26 billion deal is near in the 49-state investigation of mortgage services. (Oklahoma didn’t think banks should pay.)

Almost 2 million homeowners could be helped — either with lower-rate financing or cash payments to people who lost their homes.

UPDATE: Deal has now been announced. Arkansas is a part of it. Attorney General Dustin McDaniel chimes in. He estimates the deal is worth some $39 million in Arkansas. The majority is in the form of savings for mortgage holders in refinancing or direct payments. Other uses include $13 million for state agencies that provide housing assistance.

UPDATE II: Republican messaging is underway, judging by tweets from Ari Fleischer and Alice Stewart. These are undeserved payments and help for people who made bad investment decisions.

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UPDATE III: Detailed analysis from Firedog Lake. Hold your applause.

McDaniel release follows: