State and federal officials are close to a settlement with big U.S. banks over mortgage abuses,...

|By:, SA News Editor

State and federal officials are close to a settlement with big U.S. banks over mortgage abuses, Reuters reports, with states facing an end-of-the-week deadline to decide whether they will sign on. In exchange for up to $25B, much in the form of cutting mortgage debt for distressed homeowners, the banks will resolve lawsuits about servicing misconduct and faulty foreclosures.