California Real Estate Fraud Report

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SunTrust Fined $320 Million for Misleading Consumers

According to a recent article in the Spokesman-Review,  SunTrust Mortgage Inc. will pay $320 million to the U.S. government to resolve allegations that it misled customers pursuing their loan modifications options.

U.S. Attorney Timothy Heaphy, who was assigned to this case, said in the settlement documents that SunTrust Mortgage had either misrepresented or omitted information to its borrowers who wanted to take advantage of the federal HAMP program and further, that SunTrust failed to process the borrowers’ applications in the timely manner.

The settlement money will be distributed as follows: $274 million in restitution to harmed borrowers and the remainder to Fannie Mae and Freddie Mac, to law enforcement agencies working on mortgage fraud and to mortgage counseling agencies.

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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