IE Business Daily Business news for the Inland Empire.
California Attorney General Kamala Harris announced Tuesday that a $550 million settlement has been reached between the state and federal government and SunTrust Mortgage.
The three-year settlement, which affects 47 other states, will provide payments to some California residents related to foreclosure and servicing abuses and mortgage origination, according to multiple published reports.
State officials have identified about 4,700 residents who could be eligible for payments from SunTrust, a subsidiary of SunTrust Banks in Atlanta.
Those payments would come from a $40 million fund. They would go to borrowers whose loans were serviced by SunTrust and who lost their between the start of 2008 and the end of last year, according to the reports.
Besides the 48 states, the settlement was reached with the U.S. Department of Justice, the Department of Housing and Urban Development and the Consumer Financial Protection Bureau, according to the reports.
