Most States Agree to Bank Settlement on US Foreclosure Practices

(NewsCore) - WASHINGTON -- More than 40 states have signed on to a broad settlement with five big banks over foreclosure practices, according to the attorney general for Iowa late Monday.

State attorneys general and federal officials have been in settlement discussions for more than a year with banks over the "robo-signing" crisis -- the practice of assigning bank employees to rapidly approve numerous foreclosures with only cursory glances at the glut of paperwork to determine if all the documents are in order.

However, earlier Monday officials from key states, including California, Nevada and Delaware, said they were still reviewing the settlement terms and have not signed on.

"This enables us to move forward into the very final stages of remaining work," said Iowa Attorney General Tom Miller in a statement.