California and New York were considering Monday whether to join most other states in backing a long-awaited settlement with banks over foreclosure abuses. The deal would require the five largest mortgage lenders to reduce loans for about 1 million households.
State attorneys general have set a deadline of the end of Monday for states to join the settlement. Homeowners in states that opt out of the deal wouldn't share in the settlement money.
The reduced loans would benefit homeowners who are behind on their payments and owe more than their homes are worth. The lenders would also send checks for about $2,000 to hundreds of thousands of people who lost homes to foreclosure.
The money available to homeowners could run as high as $25 billion if all states approve the deal.
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