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Foreclosure Settlement Terms Sent to Banks by U.S., States

Federal agencies and state attorneys general submitted to banks a proposal for resolving an investigation of foreclosure practices and mortgage servicing while continuing to talk about monetary penalties they will seek.

The 27-page document given March 3 to mortgage-servicers seeks “a binding legal requirement” for how they service loans and conduct home foreclosures, Geoff Greenwood, a spokesman for Iowa Attorney General Tom Miller, said yesterday in a telephone interview.