The Associated Press is reporting that James Lockhart, director of the Federal Housing Finance Agency, told the House Financial Service Committee that the agreement with New York Attorney General Andrew Cuomo is still being worked out.

"Lockhart said the agreement will be delayed by one to three months from it's original Jan. 1 start date. While the agreement should be finalized in the coming weeks, "it's taken us longer than we expected to do it," he said."

Click here Download 92508FHFAHouseHearingStatement.pdf for his prepared statement.