CHICAGO (Source: By David McLaughlin Bloomberg News) — Banks negotiating with state attorneys general over foreclosure practices would be sued if a settlement isn’t reached, two of the state officials leading the talks said.Attorney General Lisa Madigan of Illinois and Attorney General Roy Cooper of North Carolina threatened litigation if settlement talks with largest mortgage servicers, including Bank of America Corp. and JPMorgan Chase & Co., break down. The deadline for an agreement has been pushed back a month, according to a person with knowledge of the talks.

“If we don’t get an agreement, we’re prepared to go to court,’’ Cooper told advocates at a meeting of state attorneys general in Chicago yesterday.

Source: By David McLaughlin Bloomberg News

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