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Virginia borrowers to receive $34 million in mortgage-abuse settlement with SunTrust

Virginia borrowers to receive $34 million in mortgage-abuse settlement with SunTrust

A nearly $1-billion settlement with Virginia, California and other state and federal authorities will close out two major investigations into possible mortgage wrongdoing by the home-lending arm of Atlanta's SunTrust Banks Inc. Virginia is set to receive $34 million in loan modifications or other relief. The agreements announced Tuesday are the latest in a series involving banks accused of abuses in issuing home loans, handling troubled borrowers and packaging mortgages into securities for sale to investors. The settlement with SunTrust Mortgage Inc., which focuses on loan origination and customer service issues, includes relief for distressed homeowners valued at $500 million and a...

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