MetLife, Inc. (NYSE:MET), a bank holding company, with MetLife
Bank N.A. as its banking subsidiary, issued the following
statement:
Earlier today, the Office of the Comptroller of the Currency
(OCC) and the Federal Reserve announced they have entered into
consent decrees with several banks, including MetLife Bank, which
set forth new residential mortgage servicing standards. In
addition, the Federal Reserve entered into consent decrees with the
affiliated bank holding companies of these banks, including
MetLife, Inc., to enhance the supervision of their banking
subsidiaries.
Meeting all applicable legal and regulatory servicing
requirements is, and has been, an important priority of MetLife
Bank. Enhancing communications with customers regarding their home
retention options is a primary focus of the new servicing
standards. MetLife Bank either has implemented, or is in the
process of implementing, many of these standards.
MetLife, Inc. has committed to further enhance its oversight of
MetLife Bank’s risk management, audit and compliance programs as
they relate to the bank’s residential mortgage loan servicing, loss
mitigation and foreclosure activities.
MetLife Bank services approximately one percent of the U.S. home
mortgage market and has not experienced the high volume of
foreclosures that many larger servicers have experienced. MetLife
Bank has never issued and does not own nontraditional mortgage
products such as pay-option ARMs and sub-prime loans, which have
the highest rate of default. Since it entered the mortgage
servicing business in 2008, MetLife Bank consistently has received
high servicing quality and loss mitigation ratings from the
Department of Housing and Urban Development and Freddie Mac.
About MetLife
MetLife, Inc. is a leading global provider of insurance,
annuities and employee benefit programs, serving 90 million
customers in over 60 countries. Through its subsidiaries and
affiliates, MetLife holds leading market positions in the United
States, Japan, Latin America, Asia Pacific, Europe and the Middle
East. For more information, visit www.metlife.com.
This press release may contain or incorporate by reference
information that includes or is based upon forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements give expectations or
forecasts of future events. These statements can be identified by
the fact that they do not relate strictly to historical or current
facts. They use words such as “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe,” “continue,” “will,” and
other words and terms of similar meaning in connection with a
discussion of future operating or financial performance. In
particular, these include statements relating to future actions,
prospective services or products, future performance or results of
current and anticipated services or products, sales efforts,
expenses, the outcome of contingencies such as legal proceedings,
trends in operations and financial results.
Any or all forward-looking statements may turn out to be wrong.
They can be affected by inaccurate assumptions or by known or
unknown risks and uncertainties. Many such factors will be
important in determining the actual future results of MetLife,
Inc., its subsidiaries and affiliates. These statements are based
on current expectations and the current economic environment. They
involve a number of risks and uncertainties that are difficult to
predict. These statements are not guarantees of future performance.
Actual results could differ materially from those expressed or
implied in the forward-looking statements. Risks, uncertainties,
and other factors that might cause such differences include the
risks, uncertainties and other factors identified in MetLife,
Inc.’s filings with the U.S. Securities and Exchange Commission
(the “SEC”). These factors include: (1) difficult conditions in the
global capital markets; (2) increased volatility and disruption of
the capital and credit markets, which may affect our ability to
seek financing or access our credit facilities; (3) uncertainty
about the effectiveness of the U.S. government’s programs to
stabilize the financial system, the imposition of fees relating
thereto, or the promulgation of additional regulations; (4) impact
of comprehensive financial services regulation reform on us; (5)
exposure to financial and capital market risk; (6) changes in
general economic conditions, including the performance of financial
markets and interest rates, which may affect our ability to raise
capital, generate fee income and market-related revenue and finance
statutory reserve requirements and may require us to pledge
collateral or make payments related to declines in value of
specified assets; (7) potential liquidity and other risks resulting
from our participation in a securities lending program and other
transactions; (8) investment losses and defaults, and changes to
investment valuations; (9) impairments of goodwill and realized
losses or market value impairments to illiquid assets; (10)
defaults on our mortgage loans; (11) the impairment of other
financial institutions that could adversely affect our investments
or business; (12) our ability to address unforeseen liabilities,
asset impairments, loss of key contractual relationships, or rating
actions arising from acquisitions or dispositions, including our
acquisition of American Life Insurance Company and Delaware
American Life Insurance Company (collectively, “ALICO”) and to
successfully integrate and manage the growth of acquired businesses
with minimal disruption; (13) uncertainty with respect to the
outcome of the closing agreement entered into with the United
States Internal Revenue Service in connection with the acquisition
of ALICO; (14) uncertainty with respect to any incremental tax
benefits resulting from the planned elections for ALICO and certain
of its subsidiaries under Section 338 of the U.S. Internal Revenue
Code of 1986, as amended; (15) the dilutive impact on our
stockholders resulting from the issuance of equity securities in
connection with the acquisition of ALICO or otherwise; (16)
economic, political, currency and other risks relating to our
international operations, including with respect to fluctuations of
exchange rates; (17) our primary reliance, as a holding company, on
dividends from our subsidiaries to meet debt payment obligations
and the applicable regulatory restrictions on the ability of the
subsidiaries to pay such dividends; (18) downgrades in our claims
paying ability, financial strength or credit ratings; (19)
ineffectiveness of risk management policies and procedures; (20)
availability and effectiveness of reinsurance or indemnification
arrangements, as well as default or failure of counterparties to
perform; (21) discrepancies between actual claims experience and
assumptions used in setting prices for our products and
establishing the liabilities for our obligations for future policy
benefits and claims; (22) catastrophe losses; (23) heightened
competition, including with respect to pricing, entry of new
competitors, consolidation of distributors, the development of new
products by new and existing competitors, distribution of amounts
available under U.S. government programs, and for personnel; (24)
unanticipated changes in industry trends; (25) changes in
accounting standards, practices and/or policies; (26) changes in
assumptions related to deferred policy acquisition costs, deferred
sales inducements, value of business acquired or goodwill; (27)
increased expenses relating to pension and postretirement benefit
plans, as well as health care and other employee benefits; (28)
exposure to losses related to variable annuity guarantee benefits,
including from significant and sustained downturns or extreme
volatility in equity markets, reduced interest rates, unanticipated
policyholder behavior, mortality or longevity, and the adjustment
for nonperformance risk; (29) deterioration in the experience of
the “closed block” established in connection with the
reorganization of Metropolitan Life Insurance Company; (30) adverse
results or other consequences from litigation, arbitration or
regulatory investigations; (31) inability to protect our
intellectual property rights or claims of infringement of the
intellectual property rights of others, (32) discrepancies between
actual experience and assumptions used in establishing liabilities
related to other contingencies or obligations; (33) regulatory,
legislative or tax changes relating to our insurance, banking,
international, or other operations that may affect the cost of, or
demand for, our products or services, impair our ability to attract
and retain talented and experienced management and other employees,
or increase the cost or administrative burdens of providing
benefits to employees; (34) the effects of business disruption or
economic contraction due to terrorism, other hostilities, or
natural catastrophes, including any related impact on our disaster
recovery systems and management continuity planning which could
impair our ability to conduct business effectively; (35) the
effectiveness of our programs and practices in avoiding giving our
associates incentives to take excessive risks; and (36) other risks
and uncertainties described from time to time in MetLife, Inc.’s
filings with the SEC.
MetLife, Inc. does not undertake any obligation to publicly
correct or update any forward-looking statement if we later become
aware that such statement is not likely to be achieved. Please
consult any further disclosures MetLife, Inc. makes on related
subjects in reports to the SEC.
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