Proposed 50-State Foreclosure Accord Deadline Set for Feb. 3

State attorneys general have until Feb. 3 to decide whether to sign a proposed nationwide settlement of foreclosure wrongdoing with banks including JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) that may total as much as $25 billion.

State and federal officials have been negotiating an agreement with the largest mortgage servicers that would set standards for banks conducting home foreclosures while providing some mortgage relief to borrowers. Any accord would be separate from a state-federal probe of mortgage securitization launched last week.

Nevada Attorney General Catherine Cortez Masto wrote in a Jan. 27 letter to the Justice Department, the U.S. Department of Housing and Urban Development and Iowa Attorney General Tom Miller, who is helping to lead negotiations, seeking more details on the deal. Masto said she needs answers to evaluate the agreement because of the “sign-on deadline” of Feb. 3.

“I need this information as soon as possible to allow my office to continue to evaluate the proposal on behalf of the state of Nevada,” she wrote. Jennifer Lopez, a spokeswoman for Masto, confirmed the letter, a copy of which was obtained by Bloomberg News, and declined further comment.

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