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Birmingham, Ala.-based Regions Financial Corp. has quietly—and somewhat mysteriously—announced that it has entered into a preliminary agreement with the U.S. Department of Justice (DOJ) that will resolve a federal probe into its mortgage practices.
According to a Bloomberg report, the lender reported the news of the agreement in its quarterly regulatory filing—no press release on the subject was found on either the Regions or DOJ websites. Regions was vague on the exact nature of the probe, stating only that was subpoenaed in 2013 by the Department of Housing and Urban Development regarding to mortgages that it originated with backing by the Federal Housing Administration, and the settlement sum was not publicly identified.
“The settlement, which is subject to final review and approval by the Department of Justice, will not have a material effect on Regions’ consolidated financial position,” said Regions in its regulatory filing.