Attorney General reaches $968 million settlement with SunTrust

By WEEK Producer

Attorney General reaches $968 million settlement with SunTrust

June 17, 2014 Updated Jun 17, 2014 at 3:53 PM CDT

CHICAGO, Ill. – A $968 million settlement with SunTrust Mortgage Inc. was announced today by Attorney General Lisa Madigan. 

 
The joint federal-state settlement focuses on mortgage origination, servicing and foreclosure abuses. 
 
“Today’s settlement is the latest action in my ongoing work to hold banks and servicers accountable for fraudulent conduct that affected thousands of Illinois homeowners struggling to save their homes,” Madigan said.
 
Money from the settlement will provide relief to borrowers, set new mortgage standards for SunTrust and appoint an independent monitor for oversight. 
 
Many who applied for loans from SunTrust will also be eligible for refinancing. 
 
The deal is similar to a 2012 settlement with JPMorgan, Wells Fargo and several other major banks which provided $2.4 billion in relief for Illinois homeowners. 
 
For more information, visit the website or call the Attorney General’s Homeowner Helpline at 1-866-544-7151.

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