Key States Move Closer to Foreclosure-Abuse Deal

by
February 7, 2012

 By DEREK KRAVITZ AP Economics Writer

California and New York, the key holdouts in a long-awaited settlement over foreclosure abuses, moved closer Monday to backing a deal that would force the five largest mortgage lenders to reduce loans for about 1 million households. More than 40 U.S. states have agreed to a nationwide settlement.

California still has “significant sticking points,” but they may be settled in the coming days, said officials with direct knowledge of the negotiations. That represents progress from a few weeks ago, when California Attorney General Kamala Harris called the proposed settlement “inadequate.”

The officials spoke on condition of anonymity because they weren’t authorized to discuss the settlement publicly.

“I’m less concerned with the timeline than the details,” Harris said in a statement Monday.

Negotiators worked well into Monday night to see if they could persuade more states to join the settlement, an official said. There is growing optimism that California, New York, Delaware, Nevada and a few others will eventually sign on.

“Federal and state officials, as well as representatives from the banks, continue to address matters that they must complete before finalizing any settlement,” said Iowa Attorney General Tom Miller, who is leading the 50-state talks.

To read more, visit: http://abcnews.go.com/Business/wireStory/calif-ny-foreclosure-abuse-deal-15524028#.TzCSn1yJcsc

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