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Flagstar, CFPB in Negotiations Over Default Servicing

AUG 27, 2014 11:32am ET
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Flagstar Bancorp is negotiating with the Consumer Financial Protection Bureau over potential violations in the Troy, Mich., company's default servicing business.

The $9.5 billion-asset company disclosed the settlement talks in a regulatory filing Tuesday.

The CFPB alleges that Flagstar's bank violated consumer protection laws with loss-mitigation practices that date back to 2011, the filing said.

Flagstar said it had provided the agency with documents and other information and is having ongoing discussions about a settlement. "The bank intends to vigorously defend against any enforcement action that may be brought," the filing added.

Comments (1)
Hopefully the CFPB will fill charges against Nationstar next.
Posted by allen g | Wednesday, August 27 2014 at 4:00PM ET
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