Cutoff date looms on huge loan settlement

Federal and state officials negotiating with major banks on a settlement over allegedly improper foreclosures have given state attorneys general until February 3 to opt in to a potential deal.

The number of states participating could affect the value of the deal or whether an accord is even reached.

Government officials are seeking a deal valued at $25 billion in loan write-downs and other homeowner compensation with Ally Financial, Bank of America, Citigroup, J.P. Morgan Chase, and Wells Fargo.