State’s consumers in line for payments under SunTrust settlement

Jim Hood

Jim Hood

JACKSON — Attorney General Jim Hood says Mississippi consumers will be eligible for payments under a settlement between 48 states, the federal government and SunTrust.

The U.S. Justice Department said yesterday the $968-million settlement resolves allegations that SunTrust underwrote and provided faulty mortgage loans. The federal government accused SunTrust of giving borrowers false and misleading information and charging unauthorized fees.

The agreement is with SunTrust Mortgage, a Virginia-based mortgage lender and subsidiary of SunTrust Banks Inc.

Hood says borrowers in the state who lost their home to foreclosure between 2008 and 2013 and encountered servicing abuse from SunTrust Mortgage will be eligible for a payment.

The settlement administrator will contact consumers who are eligible for cash payments, but they may also contact SunTrust directly.

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