MetLife Says Bank May Face Fine in Foreclosure Probe

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MetLife Says Bank May Face Fine in Foreclosure Probe

MetLife Says Bank May Face Fine in Foreclosure Probe

Bloomberg-

MetLife Inc. (MET), the largest U.S. life insurer, said it may face fines amid a government review of foreclosures at its bank unit.

The bank received a request in May from the U.S. Department of Justice for information on payments the lender made to law firms tied to foreclosures, the New York-based insurer said in a filing today. Expenses were submitted to Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development for reimbursement, according to the filing.

“It is possible that various state or federal regulatory and law enforcement authorities may seek monetary penalties from MetLife Bank relating to foreclosure practices,” the insurer said in the filing.

[BLOOMBERG]

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