SunTrust Banks Inc. has agreed to pay as much as $320 million as part of a settlement reached Thursday to resolve a criminal investigation into the company’s delay in approving mortgage modification applications, according to The Wall Street Journal.
The resolution was triggered by a federal investigation into SunTrust’s fulfillment of the Home Affordable Modification Program (HAMP), one of the programs begun by the Obama administration in 2009 to curb the many foreclosures that occurred after the financial crisis, reported The New York Times.
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