Regions Financial Reaches Settlement Resolving FHA-Insured Mortgage Matters
September 13 2016 - 11:34AM
Business Wire
Regions Financial Corporation (NYSE:RF) today announced that is
has reached a settlement with the United States Department of
Justice and on behalf of the Department of Housing and Urban
Development (HUD) to resolve a previously disclosed inquiry related
to residential mortgage loan origination, underwriting and quality
control practices for loans insured by the Federal Housing
Administration.
The company fully cooperated with the inquiry and has agreed to
a $52.4 million settlement, without admitting liability, in order
to avoid the expense of potential litigation. Regions established
and previously disclosed reserves sufficient to cover this matter;
therefore, this settlement will not have a material impact on
Regions’ financial condition or results of operations.
Regions is pleased to resolve this inquiry and is committed to
maintaining fair, consistent and accurate loan origination
practices.
About Regions Financial CorporationRegions Financial
Corporation (NYSE:RF), with $126 billion in assets, is a member of
the S&P 500 Index and is one of the nation’s largest
full-service providers of consumer and commercial banking, wealth
management, mortgage, and insurance products and services. Regions
serves customers across the South, Midwest and Texas, and through
its subsidiary, Regions Bank, operates approximately 1,600 banking
offices and 2,000 ATMs. Additional information about Regions and
its full line of products and services can be found at
www.regions.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160913006236/en/
Regions Financial CorporationMedia Contact:Evelyn Mitchell,
205-264-4551orInvestor Relations Contact:Dana Nolan,
205-264-7040
Regions Financial (NYSE:RF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Regions Financial (NYSE:RF)
Historical Stock Chart
From Sep 2023 to Sep 2024