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News of the Competition (07/09/2014)
  • WASHINGTON (7/9/14)-- The U.S. Department of Justice has announced that SunTrust Mortgage Inc. agreed to a $320 million settlement intended to resolve Justice's criminal investigation of SunTrust's administration of the Home Affordable Modification Program (HAMP).  The settlement is divided as follows: the bank will pay up to $284 million in restitution to borrowers; $16 million in forfeiture, which will fund future law enforcement investigations into mortgage and Troubled Asset Relief Program-fund fraud; and $20 million to a grant administrator to fund housing counseling agencies and other consumer advocacy non-profits. Justice charges that SunTrust "misled numerous mortgage servicing customers" who sought mortgage relief through HAMP. Justice alleges that SunTrust made misrepresentations and omissions to borrowers in HAMP solicitations, and failed to process HAMP applications in a timely fashion. As a result of SunTrust's mismanagement of HAMP, thousands of homeowners who applied for a HAMP modification with SunTrust suffered serious financial harm, the department said in its release...
     
  • WASHINGTON (7/9/14)-- Homeowners have pulled in $3.1 billion in cash from a recent federal settlement with a baker's dozen of big banks over alleged shoddy mortgage processing and wrongful foreclosure action, according to a report released by the Federal Reserve Monday ( CBSNews.com July 7). With individual settlement amounts awarded to about 4.2 million borrowers ranging from a few hundred dollars to $125,000, the Federal Reserve's report said 3.4 million homeowners already have cashed checks as of late April. The 13 banks involved in the settlement include Aurora, Bank of America, Citigroup, Goldman Sachs, HSBC, JPMorgan, MetLife Bank, Morgan Stanley, PNC Financial Services, Sovereign, SunTrust, U.S. Bank and Wells Fargo. The original $9.3 billion settlement requires the banks to pay $3.6 billion in cash as well as $5.7 billion in aid in the form of reduced mortgage loans...


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