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Stock Market & Financial Investment News

News Breaks
August 6, 2014
18:25 EDTSTISunTrust cooperating with U.S. Attorney's Office on foreclosure expenses probe
SunTrust, disclosed in a regulatory filing that it has been cooperating with the United States Attorney's Office for the Southern District of New York in a broader based industry investigation regarding claims for foreclosure-related expenses charged by law firms in connection with the foreclosure of loans guaranteed or insured by Fannie Mae, Freddie Mac, or FHA. The investigation relates to a private litigant qui tam lawsuit filed under seal and remains in early stages. The Southern District and SunTrust engaged in dialogue regarding potential resolution of this matter as part of the National Mortgage Servicing Settlement, but were unable to reach agreement. The Southern District has not yet advised SunTrust how it may proceed in this matter. The company's financial statements at June 30 reflect the company's current estimate of probable losses associated with the matter.
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