SunTrust pays $320M to resolve HAMP violations

SunTrust Mortgage Inc. has agreed to pay up to $320 million to resolve allegations. SunTrust Mortgage Settles Federal Probe for $320M. "SunTrust’s administration of the HAMP program caused.

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On July 3, DOJ announced that SunTrust Mortgage Inc. has agreed to pay $320 million to resolve a criminal investigation relating to its administration of the Home Affordable Modification Program (HAMP), a U.S. mortgage-modification program.

SunTrust Banks, Inc. (NYSE: STI) today announced that the United States Attorney’s Office for the Western District of Virginia and SunTrust Mortgage, Inc. have reached an agreement resolving claims related to the company’s administration of the federal Home Affordable Modification Program (HAMP).

Six years into America’s giant wave of foreclosures, desperate homeowners continue to recite the same story in their effort to work out a mortgage modification with their loan servicer. The servicer.

SunTrust Mortgage Inc. agreed to pay $320M to resolve a criminal investigation of SunTrust’s administration of the Home Affordable Modification Program (HAMP). According to the government, SunTrust misled numerous customers who sought mortgage relief through HAMP by making material misrepresentations and omissions to borrowers in HAMP.

SunTrust Agrees to $320M Settlement to Resolve HAMP Misconduct. As part of the agreement, SunTrust Mortgage must pay $179 million in consumer remediation, up to a maximum of $274 million if necessary; $20 million to fund housing counseling for homeowners; $10 million paid toward restitution to the Federal National Mortgage Association.

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In an effort to resolve issues related to HAMP in 2009 and 2010, SunTrust Mortgage reached an agreement with the U.S. Department of Justice to pay $320 million.

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SunTrust has agreed to pay $320 million to resolve the criminal investigation into SunTrust’s HAMP Program. The money is divided as follows: Restitution – SunTrust will pay $179 million in restitution to compensate borrowers for damage caused by its mismanagement of HAMP.

SunTrust to pay $320 million over HAMP missteps.. "As a result of SunTrust’s mismanagement of HAMP, thousands of homeowners who applied for a HAMP modification with SunTrust suffered.