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Stock Market & Financial Investment News

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June 17, 2014
15:14 EDTSTIU.S. government, states reach $968M agreement with SunTrust
The Justice Department, Department of Housing and Urban Development and the Consumer Financial Protection Bureau, along with 49 state attorneys general and the District of Columbia's attorney general have reached a $968M agreement with SunTrust Mortgage to address "mortgage origination, servicing, and foreclosure abuses." As part of the settlement, SunTrust has agreed to pay $418M to resolve its potential liability under the federal False Claims Act for originating and underwriting loans that violated its obligations as a participant in the Federal Housing Administration insurance program. The agreement resolves potential violations of civil law based on SunTrust deficient mortgage loan origination and servicing activities. The agreement does not prevent state and federal authorities from pursuing criminal enforcement actions related to this or other conduct by SunTrust.
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