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Violation Tracker Individual Record

Company: SunTrust Mortgage Inc.
Current Parent Company: Truist Financial
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Penalty: $418,000,000
Year: 2014
Date: June 17, 2014
Offense Group: government-contracting-related offenses
Primary Offense: False Claims Act and related
Secondary Offense: mortgage abuses
Mega-Scandal: Mortgage Abuses
Violation Description: The Justice Department, Department of Housing and Urban Development, and the Consumer Financial Protection Bureau, along with 49 state attorneys general and the District of Columbia's attorney general have reached an agreement with SunTrust Mortgage Inc. to address mortgage origination, servicing, and foreclosure abuses. As part of the settlement, SunTrust agreed to pay $418 million to resolve its potential liability under the federal False Claims Act for originating and underwriting loans that violated its obligations as a participant in the Federal Housing Administration insurance program.
Level of Government: federal
Action Type: agency action
Agency: Justice Department Civil Division
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.