» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 127 | NO. 154 | Wednesday, August 08, 2012

Fed Fines MetLife $3.2M Over Foreclosure Abuses

AP

Print | Front Page | Email this story | Comments ()

WASHINGTON (AP) – The Federal Reserve is imposing $3.2 million in penalties against MetLife Inc. for failing to prevent foreclosure abuses by its bank subsidiary.

The Fed announced the action Tuesday against the largest U.S. life insurer. MetLife Bank was among 16 major mortgage lenders and servicers cited by the Fed and other U.S. regulators in April 2011 for improperly foreclosing upon homeowners in 2009 and 2010.

The Fed said at that time it planned to impose fines in the future.

The Fed said its action Tuesday was similar to the $25 billion settlement on foreclosure practices reached in February by the federal government and 49 states with the five biggest mortgage lenders.

New York-based MetLife said Tuesday it has gotten out of the home loan business and is also exiting retail banking.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 49 213 4,664
MORTGAGES 68 278 5,611
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 250 504 10,250
BANKRUPTCIES 48 141 3,608
BUSINESS LICENSES 31 98 1,833
UTILITY CONNECTIONS 56 177 3,960
MARRIAGE LICENSES 10 55 1,079

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.