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SunTrust Banks (STI) is forecasting as much as $300 million in legal losses tied to mortgage probes, and it has disclosed the existence of four new investigations.
February 25 -
Several federal agencies and 49 state attorneys general struck a $968 million settlement Tuesday with SunTrust Mortgage over charges that it violated laws governing mortgage origination, servicing and foreclosures.
June 17 -
While banks have spent tens of billions of dollars to settle investigations related to the sale of faulty mortgages, probes into everything from foreign-exchange trading to subprime automobile lending are forcing many of them to continue adding to their legal reserves.
November 12
SunTrust Banks will provision $145 million in its fourth-quarter results for legal expenses related to previously disclosed mortgage issues, the company said in a
The $183 billion-asset company said the expenses, which amount to 17 cents a share, include an increase in legal reserves, as well as "the final resolution of one matter." No additional details about the legal case were provided.
SunTrust expects its estimate of total losses from legal matters to drop by roughly the same amount, it said in the filing. The company in November reported an
SunTrust has been weighed down by legal probes in the past year. The company in June
A month later, the company
SunTrust is scheduled to release its fourth quarter results on Jan. 16. It reported a third-quarter
