SunTrust Strikes $628M In Mortgage Settlement Deals

Law360, Los Angeles (October 10, 2013, 7:18 PM EDT) -- SunTrust Banks Inc. agreed to pay $628 million to the government to settle claims over its practices in writing and servicing mortgages that were later forced into foreclosure, the bank said Thursday.

Atlanta’s largest bank said it would pay $468 million in cash to the U.S. Department of Housing and Urban Development and the U.S. Department of Justice and $160 million to the Federal Reserve in separate settlements over mortgage issues.

The bank will take a third-quarter hit of 33 cents a share, or $179 million,...
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