The state attorneys general and federal prosecutors will likely file the $25 billion foreclosure settlement documents by the end of the month. The top five servicers agreed to general terms in the settlement, which would include billions in principal reduction, refinances, and even pay-outs to homeowners affected by a faulty foreclosure process.

“I got the sense last week that they were really ready. They weren’t done. It was one of those things where they were moving so fast that they had to announce it because it was getting leaked,” said Richard Andreano, who heads Ballard Spahr’s Mortgage Banking practice. “They’re going to need more people to handle this…and they are going to need a certain level of expertise and competency. This could take years.”