A quick settlement of the 50-state probe of the U.S. mortgage foreclosure crisis would be the best solution for all involved, the chief executive of Bank of America said on Tuesday.

The call for a settlement by Bank of America CEO Brian Moynihan was followed by comments from Iowa Attorney General Tom Miller, who told a Senate hearing that a settlement with lenders was still months off.

“We’re thinking in terms of months rather than a year or longer but it depends really on how far we get,” said Miller, who is heading up a probe by all 50 state attorneys general. Get the full story »