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SunTrust Banks Inc enters definitive agreement on certain legacy mortgage matters


Tuesday, 17 Jun 2014 03:23pm EDT 

SunTrust Banks Inc:Signs definitive agreement to settle certain legacy mortgage matters with U.S. Department of Housing and Urban Development and the U.S. Department of Justice.Settlement finalizes agreements in principle announced in Oct. 2013.Specifically, company settled claims related to SunTrust's origination of FHA-insured mortgages and SunTrust's portion of the National Mortgage Servicing Settlement.As previously disclosed, SunTrust's commitment under agreements includes consumer relief of $500 mln and cash payment of $468 mln.SunTrust will not incur an incremental charge relative to the financial commitments previously disclosed.