SunTrust Mortgage to Pay $320M To Settle HAMP Fraud Allegations
July 10, 2014
SunTrust Mortgage will pay $320 million to resolve a criminal investigation and allegations that the bank misled homeowners interested in the Home Affordable Modification Program, the Department of Justice announced late last week. In the first settled case of its kind, SunTrust allegedly misrepresented how long it would take to determine if a borrower was qualified for HAMP and how long the trial period would last. “Specifically, SunTrust made...