Federal and state officials negotiating with major banks on a settlement over allegedly improper foreclosures have given state attorneys general until Feb. 3 to opt in to a potential deal. The number of states participating could affect the value of the deal or whether an accord is even reached.
Government officials are seeking a deal valued at $25 billion in loan write-downs and other homeowner compensation with Ally Financial, Bank of America, Citigroup, J.P. Morgan Chase, and Wells Fargo.
Source: "Cutoff Looms on Loan Accord," The Wall Street Journal (Jan. 31, 2012)
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