by Calculated Risk on 11/23/2011 12:01:00 AM

Still no hint of timing ...

From Ruth Simon and Nick Timiraos at the WSJ: Foreclosure Talks Push Ahead Absent California

Bank representatives and government officials are working on a broad settlement of most state and federal foreclosure-practices investigations that could move forward without the participation of California ... Negotiators are continuing to make a push to persuade California to join a settlement valued at $25 billion among federal officials, state attorneys general and the nation's five largest mortgage servicers ... The dollar value would include the value of principal write-downs, interest-rate reductions and other benefits to homeowners as well as cash penalties.

There are about 4 million seriously delinquent loans - about 1.8 million 90+ days delinquent, but not in foreclosure, and another 2.2 million in the foreclosure process - and this number has only been declining slowly. If and when this agreement is reached, there will probably be a significant increase in both completed foreclosures and in modifications - both reducing the number of seriously delinquent loans.