Schneiderman: Objection resolved in mortgage deal

ALBANY -- New York Attorney General Eric Schneiderman says one of his major objections has been resolved in a proposed settlement between U.S. states and the nation's biggest mortgage lenders over deceptive foreclosure practices. 

Schneiderman, named Friday to help lead a nationwide probe of wrongdoing in the mortgage-backed securities market, says his issue with the multistate settlement was that it shouldn't interfere with a comprehensive investigation. 

He says he's confident those liability releases for the banks have been "narrowed." 

Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial agreed to the settlement, with up to $25 billion for lowering homeowners' mortgage principal, refinancing, a reserve account, and checks to homeowners. 

The settlement grants immunity from civil lawsuits brought by state attorneys general against the lenders over narrowly defined "robo-signing" cases.