MONTGOMERY, Ala. (AP) -- The State of Alabama and federal officials have reached a settlement with SunTrust Mortgage Inc. to address mortgage loan and foreclosure issues.
Alabama Attorney General Luther Strange announced the joint state-federal settlement Tuesday.
Strange says the settlement will provide direct payments to certain Alabama borrowers for problems with foreclosures, loan modifications and more. Strange says an independent monitor has been asked to oversee SunTrust's compliance with the settlement.
Strange says eligible Alabama borrowers who lost their homes to foreclosure between 2008 and 2013 will be eligible for payments from a national fund. Strange says eligible borrowers will be contacted and Sun Trust will also have to provide loan modifications and other help to certain Alabama borrowers.
The settlement includes 48 other states, the District of Columbia and several federal agencies.