CHARLOTTE, North Carolina (Reuters) - A settlement between a coalition of federal and state agencies and banks over foreclosure practices will take longer to hammer out than many expect, Bank of America Corp Chief Executive Brian Moynihan said on Wednesday.
Moynihan, speaking at a Sanford Bernstein conference in New York, said talks with state attorneys general, the U.S. Department of Justice and other agencies are progressing, but the number of parties involved slows down the discussions.
“The time frame keeps moving out because you have 50-plus people involved by definition," he said. "I think it will take longer than people will think."
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