The banks are currently negotiating a settlement with Federal and state regulators over foreclosure practices that is expected to hit over $20 billion, with Bank of America likely to bear the biggest share of the costs. The settlement is however seen as crucial to banks in order for them to be able to resume the foreclosure process and reduce their exposure to legacy troubled mortgages. --Written by Shanthi Bharatwaj in New York To contact the writer of this article, click here: Shanthi Bharatwaj. >To follow the writer on Twitter, go to http://twitter.com/shavenk. >To submit a news tip, send an email to: email@example.com.