SunTrust Reaches $968M Default Settlement With GSEs, HUD
October 11, 2013
SunTrust Banks late this week said it has entered into a $968 million mortgage settlement with the GSEs and the Department of Housing and Urban Development to resolve buyback claims and losses suffered by the FHA. Overall, Fannie Mae will receive $323 million in cash, Freddie Mac $65 million. The payment to Fannie releases the nations ninth largest home funder according to figures compiled by Inside Mortgage Finance from certain existing and future repurchase obligations.