Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
The close: TSX falls as oil prices weigh on energy stocks + MORE Oct 12th
Banks and media companies drag down Wall Street
.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Jun 23rd
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
Advertisement
Why trust us
MoneySense is an.... More »
Personal Loan Vs. Line of Credit: Which Should I Get? + MORE Dec 23rd
In today’s ever-evolving market of loan products, it can sometimes feel like there are too many options to choose from – and each with its own complex fine print. Obtaining a line of credit or personal loan from a bank or lender has been a common way for Canadian consumers to get a cash injecti.... More »
New investment disclosures lack detail + MORE Feb 9th
New disclosure rules promised to provide investors more clarity on performance, charges and fees, but some financial institutions have decided to provide only the minimum information required.
The new regulatory requirements are laid out in CRM2, the second phase of the Client Relationship Model ado.... More »
St. Lawrence Seaway banks on El Nino, economy after traffic falls 10 per cent Dec 14th
CEO Terence Bowles had anticipated growing global demand for this shipping season, but ultimately the key transportation corridor couldn’t sustain the big upswing since the 2008 financial crash
.... More »
Justice Department announces nearly $1 billion settlement with SunTrust over bad mortgages
– canadianbusiness.com
WASHINGTON – The government on Tuesday announced a nearly $1 billion settlement with SunTrust to resolve allegations that it underwrote and provided faulty mortgage loans.
In reaching a $968 million deal, the Justice Department and government regulators accused SunTrust of giving borrowers false and misleading information and charging unauthorized fees.
“SunTrust’s conduct is a prime example of the widespread underwriting failures that helped bring about the financial crisis” of 2008, Attorney General Eric Holder said in a statement.
The agreement is with SunTrust Mortgage, a Richmond, Virginia-based mortgage lender and subsidiary of SunTrust Banks Inc. The financial institution had announced the anticipated settlement in October.
As part of the deal, SunTrust has agreed to provide $500 million in homeowner relief and $418 million to resolve allegations that it underwrote bad loans.
SunTrust chief executive William H. Rogers Jr. said in a statement that SunTrust was pleased to have resolved the allegations…
In reaching a $968 million deal, the Justice Department and government regulators accused SunTrust of giving borrowers false and misleading information and charging unauthorized fees.
“SunTrust’s conduct is a prime example of the widespread underwriting failures that helped bring about the financial crisis” of 2008, Attorney General Eric Holder said in a statement.
The agreement is with SunTrust Mortgage, a Richmond, Virginia-based mortgage lender and subsidiary of SunTrust Banks Inc. The financial institution had announced the anticipated settlement in October.
As part of the deal, SunTrust has agreed to provide $500 million in homeowner relief and $418 million to resolve allegations that it underwrote bad loans.
SunTrust chief executive William H. Rogers Jr. said in a statement that SunTrust was pleased to have resolved the allegations…
