News Column

$550 million SunTrust settlement could aid state homeowners

June 17, 2014

By Lee Howard, The Day, New London, Conn.



June 17--State Attorney General George Jepsen announced today that about 150 Connecticut residents who faced foreclosure may qualify for a cash payment as part of a nationwide $550 million settlement with the mortgage lender SunTrust.

Connecticut joined a lawsuit involving the federal government, 48 other states and the District of Columbia that led to a settlement over allegations SunTrust was involved in origination, servicing and foreclosure abuses.

"This settlement with SunTrust continues the important work of the 2012 National Mortgage Settlement," Jepsen said in a statement. "While we cannot prevent every home foreclosure, attorneys general from across the country -- in partnership with the federal government -- continue to hold servicers accountable and to provide relief to families wherever possible."

A release from Jepsen's office said the settlement calls for "direct payments to certain borrowers for past foreclosure abuses as well as loan modifications and other relief such as principal reduction for borrowers in need of assistance." Borrowers eligible for relief will be contacted about how to qualify, the release said.

SunTrust also agreed to abide by "tough new mortgage servicing standards" over a three-year period and to submit to oversight of its activities by an independent monitor, Jepsen's office said.

Borrowers can contact SunTrust at 1-800-634-7928 or by email through the "Support" page at www.SunTrustMortgage.com with questions.

Any Connecticut homeowner in mortgage distress also can call the state Department of Banking's Foreclosure Assistance Hotline at 1-877-472-8313 to learn about state and federal help.

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(c)2014 The Day (New London, Conn.)

Visit The Day (New London, Conn.) at www.theday.com

Distributed by MCT Information Services


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Source: Day, The (New London, CT)


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