Fed Hits MetLife With $3.2M In Sanctions

Posted by Orb Staff on August 08, 2012 No Comments
Categories : Mortgage Servicing

12151_fed Fed Hits MetLife With $3.2M In Sanctions The Federal Reserve Board has issued $3.2 million in sanctions against MetLife Inc. for ‘failure to adequately oversee its subsidiary bank's mortgage loan servicing and foreclosure processing operations.’

According to the Fed, the sanctions were rooted in what it described as ‘unsafe and unsound practices at MetLife and corrective measures were required by a formal enforcement action issued against the company on April 13, 2011.’ The Fed's assessment order against MetLife contains similar terms to those in the assessment orders issued in February that imposed monetary sanctions against five other mortgage servicing organizations.

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