Michigan gets $4.6M in SunTrust settlement

(PRNewsFoto/SunTrust Banks, Inc.)
(PRNewsFoto/SunTrust Banks, Inc.)

LANSING, Mich. (AP) — Michigan Attorney General Bill Schuette says that state residents will be getting $4.6 million as part of a $968 million national settlement of improper mortgage complaints against SunTrust Mortgage.

The U.S. Justice Department announced Tuesday that the Virginia-based SunTrust Banks subsidiary will make the payments to resolve allegations that it underwrote and provided risky mortgage loans.

Schuette says the deal includes $3.6 million in first lien principal reductions or other relief to Michigan borrowers. He says about $1 million will go to foreclosed homeowners.

He says the average aid amount exceeds $1,000 and calls it another step “to address the damage inflicted on Michigan homeowners during the national mortgage crisis.”

SunTrust chief executive William Rogers says he’s pleased to resolve the case.

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