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Stock Market & Financial Investment News

News Breaks
July 3, 2014
13:35 EDTSTISunTrust announces agreement to resolve HAMP mortgage claims
SunTrust Banks announced that the United States Attorney's Office for the Western District of Virginia and SunTrust Mortgage have reached an agreement resolving claims related to the company's administration of the federal Home Affordable Modification Program, or HAMP. Under the agreement, SunTrust Mortgage is committed to provide $179M in consumer remediation, up to a maximum of $274M, $20M to fund housing counseling for homeowners, $10M paid toward restitution to the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, and a cash payment of $16M to the U.S. Treasury. The company will incur a $204M pre-tax charge in Q2 as a result of this agreement.
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September 9, 2014
11:22 EDTSTISunTrust sees modest decline potential in cyclical costs, other expenses
Says committed to maintaining strong expense discipline. Says that there is potential for modest declines in cyclical costs and other credit-related expenses. Believes company's size is an advantage. In terms of the company's consumer banking and private wealth management area, it looks to grow wealth management, optimize the delivery model, increase consumer lending production and continue to improve retail productivity. Says that there is further potential in improving the company's overall return profile and capital return to shareholders. Comments take from the company's slide presentation at the Barclays 2014 Global Financial Services Conference.
September 8, 2014
07:24 EDTSTIBarclays to hold a conference
Global Financial Services Conference to be held in New York on September 8-10.

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