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SunTrust to Pay $320 Million Over HAMP Missteps

mpamag.com | July 7, 2014

SunTrust Mortgage has agreed to a $320 million settlement with the Justice Department that resolves a criminal investigation of the lender’s administration of the Home Affordable Modification Program.

The DOJ alleged that SunTrust misled mortgage servicing customers looking for mortgage modifications through HAMP. “Specifically, SunTrust made material misrepresentations and ommissions to borrowers in HAMP solicitations, and failed to process HAMP applications in a timely fashion,” the DOJ said in a release. “As a result of SunTrust’s mismanagement of HAMP, thousands of homeowners who applied for a HAMP modification with SunTrust suffered serious financial harms.”

“Instead of helping distressed homeowners, SunTrust’s mismanagement drove up foreclosures, decimated individual credit and increased costs for hardworking men and women across our nation,” said Attorney General Eric Holder. “This resolution will provide much-needed restitution for victims. It will make available substantial funds to help other homeowners avoid foreclosure. And it will result in the kinds of systemic changes needed to ensure that this will not happen again. This outcome demonstrates yet again that the Justice Department will never waver in its ongoing pursuit of those whose reckless and willful actions harm the American people and undermine our financial markets.”

As part of the settlement, SunTrust will pay $179 million in restitution to compensate borrowers. The money will be distributed to borrowers in eight pre-determined categories. If more is needed, the bank will also guarantee an additional $95 million. SunTrust will also pay $10 million directly to Fannie Mae and Freddie Mac.

Additionally, the lender will pay $16 million in forfeiture and $20 million to establish a fund for organizations that provide counseling to distressed homeowners.

 

Back to July 2014 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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