Florida is expected to receive a substantial share of a national settlement to resolve allegations that SunTrust underwrote and provided faulty mortgage loans.
The settlement was announced Tuesday and involves the U.S. Justice Department, federal agencies and state attorneys general.
SunTrust has agreed to pay nearly $1 billion.
Attorney General Pam Bondi announced that the settlement could result in as much as $220 million being paid to Floridians.
The three-year settlement provides direct payments to Florida borrowers for past foreclosure abuses, loan modifications and other relief for borrowers.
Bondi’s office estimates more than 8,000 homeowners who lost their homes to foreclosure from 2008 to 2013 will be eligible for a payment.
The allegations centered on SunTrust Mortgage, a Richmond, Virginia-based mortgage lender and subsidiary of SunTrust Banks Inc.
Reprinted with permission of the Associated Press.