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Home » Legacy Mortgage Troubles Continue for SunTrust As Lender Prepares to Take $145 Million Charge
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Legacy Mortgage Troubles Continue for SunTrust As Lender Prepares to Take $145 Million Charge

January 8, 2015
SunTrust Banks started off the new year reliving the pain of the last six years since the financial crisis by revealing it plans to take yet another financial hit – this time, a $145 million legal expense in its fourth quarter results tied to legacy mortgage issues. In a Form 8-K filing with the Securities and Exchange Commission early this week, David Wisniewski, deputy general counsel, said the bank was taking the charge “to increase legal reserves and complete the final resolution of one matter. Accordingly, based on current information, the company expects its estimate of reasonably possible losses related to legal matters, in excess of reserves, to decrease by approximately this amount.” Wisniewski did not specify...
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