Bank of America $17B pact still being haggled over

What's another week?

The Justice Department's mammoth $17 billion proposed settlement with Bank of America, expected to be inked last week, is still being haggled over, sources said.

In recent weeks lawyers have been focusing on consumer relief and the statement of facts among other terms, three sources have said.

An immense amount of paperwork and concerns about wording in the settlement are taking up much of prosecutors' and BofA lawyers' attention, three people said.

The relief for individual states is another point that could potentially collapse, but is largely settled, two of those people said.

Those terms can include loan modifications, paying for legal assistance to fight foreclosure, support for public housing, and making contributions to blighted neighborhoods, one person said.

New York, California, Illinois and Delaware are the four states that are angling for a bigger share of the relief, The Post has learned from two sources.

The four states, along with the US Treasury, are looking to get a chunk of about $9 billion, with the rest going to consumer relief, two people said.

The deal is now expected to be announced early next week, according to sources, roughly three weeks after the bank agreed to the broad outlines of the deal.

Last month BofA CEO Brian Moynihan reached out to US Attorney General Eric Holder and told him he'd accept settling for as much as $17 billion — about $4 billion more than he had hoped to pay — after an unfavorable ruling in a related court case, according to two people briefed on the call.

The settlement is expected to be the largest stemming from the subprime mortgage crisis, dwarfing the $13 billion that JPMorgan Chase paid last year to end the lawsuits about its broken mortgage-backed securities.

Lawrence Grayson, a spokesman for BofA, and Ellen Canale, of the Justice Department, declined to comment.

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