In a regulatory filing MetLife disclosed that in April and May MetLife Bank received two subpoenas issued by the Office of Inspector General for the U.S. Department of Housing and Urban Development regarding Federal Housing Administration insured loans. MetLife Bank said it has also responded to a subpoena issued by the New York State Department of Financial Services regarding hazard insurance and flood insurance that MetLife Bank obtains to protect the lienholder’s interest when the borrower’s insurance has lapsed. The company noted that the inquiries or investigations could adversely affect MetLife’s reputation or result in material fines, penalties, remedies or other enforcement actions, but said management believes that the company’s consolidated financial statements as a whole will not be materially affected by the MetLife Bank regulatory matters.
Happy demi-anniversary, stock market rally. Will the honeymoon ever end?