New York Attorney General Eric Schneiderman and California Attorney General Kamala Harris, who have been among the most outspoken in pushing for changes to the accord said to be worth $25 billion, were among those who hadn’t joined as of a Feb. 6 deadline. More than 40 states signed on, Iowa Attorney General Tom Miller, who is helping to lead talks with the banks, said that day.

All 50 states announced almost 16 months ago they were investigating bank foreclosure practices following disclosures that faulty documents were being used to seize homes. Officials from states and federal agencies, including the Justice Department, have since negotiated terms of a proposed settlement with five banks.

Shum Preston, a spokesman for Harris, didn’t immediately return a call or e-mail seeking comment today on California joining the settlement.

Dani Lever, a spokeswoman for Schneiderman, declined to comment.

Last-Minute Demand

Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. (WFC) made a last-minute demand that New York drop claims filed against them Feb. 3 as a condition of the settlement, said the person, who didn’t want to be identified because the negotiations are private. The push by the three banks raised an obstacle in getting Schneiderman’s support for the deal, said the person.

New York sued Bank of America, JPMorgan and Wells Fargo in state court in Brooklyn, saying their use of a mortgage database known as MERS led to improper foreclosures.

Joining the multistate agreement won’t block Schneiderman from pursuing the MERS claims, the person said today.

To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

http://www.bloomberg.com/news/2012-02-08/new-york-california-said-to-be-signing-on-to-17-billion-foreclosure-deal.html

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