SunTrust says could face "substantial penalties" in mortgage probe

Comments (1)
CharlesReed wrote:

Here the deal these banks starting with Suntrust started placing these FICO score requirements on FHA & VA starting back in 2004 or 2005, but there was not a requirement by the Federal Government in there requirements. So you got this bank starting something and getting away with it, then either supplying these borrowers with subprime loan or referring them to subprime, or turning away the borrowers as disqualified.

Understand that these borrowers where not disqualified for FHA or VA loan the bank just decided not to extend loan to the people and that should have been made care to the applicants. The loan should have been process for the progarm and the applicant should have been informed that they Qualified for these better programs!

Feb 25, 2014 11:17am EST  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.