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VOL. 127 | NO. 154 | Wednesday, August 8, 2012

Fed Fines MetLife $3.2M Over Foreclosure Abuses

AP

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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 This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 344 19,573
MORTGAGES 110 422 22,914
FORECLOSURE NOTICES 2 8,305 8,305
BUILDING PERMITS 207 838 40,029
BANKRUPTCIES 60 356 13,104
BUSINESS LICENSES 21 194 6,137
UTILITY CONNECTIONS 30 147 12,996
MARRIAGE LICENSES 15 65 4,842

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