SunTrust Banks Inc. is paying more than $1 billion
to settle federal allegations of mortgage violations, in the latest move by a
bank to put behind it costly legal issues stemming from the financial crisis. A
portion of the money - $160 million - will be paid to resolve claims that
SunTrust mishandled borrowers' loans. SunTrust is the first bank to join the
national mortgage settlement since the deal was announced in February 2012 with
Bank of AmericaCorp., Citigroup Inc., J.P. Morgan Chase & Co. and Ally
Financial Inc. The settlement
introduced more than 300 new servicing standards that required the banks to
improve their communication with borrowers who are seeking loan modifications.
For more information please visit our website at www.carthewlaw.com or call one of our Attorneys at 248-656-6800.
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