The Justice Department last year reached a far smaller fair-lending settlement with two American International Group Inc.

WSJ: Victims Sought in Countrywide Case

The agreement, announced last Wednesday, was the largest residential fair-lending settlement in history.

WSJ: Victims Sought in Countrywide Case

Greenwich sued in 1998 after Countrywide agreed to renegotiate the terms of mortgages as part of a settlement of predatory-lending charges by 11 state attorneys general.

FORBES: New York Court Dismisses Hedge Fund's Suit Over Countrywide Mortgages

Among potential problems with shorter settlement cycles were issues around securities lending, foreign exchange transaction and delivery of physical securities.

FORBES: Securities Settlement Cycle -- T+2 Gets Chatted Up But No Date