ARTICLE · 03 JULY 2014

SunTrust Settles With DOJ For US$968 Million

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On June 17, the United States Department of Justice announced a US$968 million settlement with SunTrust Mortgage Inc.

United StatesFinance and Banking

Howard S. Altarescu

Edward G. Eisert

Douglas S. Mintz

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On June 17, the United States Department of Justice announced a US$968 million settlement with SunTrust Mortgage Inc. Other parties to the settlement are the Department of Housing and Urban Development, the Consumer Financial Protection Bureau, and the attorneys general of 49 states and the District of Columbia. The settlement resolves allegations of mortgage loan origination, servicing, and foreclosure abuses. Approximately US$500 million of the settlement will be used for homeowner relief. The settlement also resolves claims under the False Claims Act that SunTrust originated and underwrote Federal Housing Administration-insured mortgages that did not meet applicable requirements. Press Release.

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