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Posted: June 17, 2014 5:04 p.m.

SunTrust agrees to loan, foreclosure settlement

ATLANTA (AP) — The State of Georgia and federal officials have reached a settlement with SunTrust Mortgage Inc. to address mortgage loan and foreclosure issues.

Georgia Attorney General Sam Olens announced the joint state-federal settlement Tuesday.

Olens says the settlement will provide direct payments to certain Georgia borrowers for problems with foreclosures, loan modifications and more. Olens says an independent monitor has been asked to oversee SunTrust's compliance with the settlement.

Olens says eligible Georgia borrowers who lost their homes to foreclosure between 2008 and 2013 will be eligible for payments from a national fund. Olens says eligible borrowers will be contacted and Sun Trust will also have to provide loan modifications and other help to certain Georgia borrowers.

The settlement includes 48 states, the District of Columbia and several federal agencies.

 
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