A nationwide settlement between SunTrust Mortgage and a state and federal partnership amounts to over $500 million. Nearly 40 percent of the settlement will go to Floridians who financed their homes with SunTrust.
According to Whitney Ray of the Attorney General's Office, 8,400 Floridians have been targeted for direct cash payments. They are borrowers who lost their homes to foreclosure between 2008 and 2013.
Joseph A. Smith Jr. will be making sure SunTrust follows through on the settlement. He says the settlement requires that SunTrust reviews submissions for loan modifications promptly with a yes or no. He has the power to impose penalties, up to $1 million per violation.
The settlement first needs to be approved by a federal judge. If that goes through, SunTrust will then contact eligible homeowners.