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BB&T settles FHA-insured mortgage issues for $83M


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BB&T settles FHA-insured mortgage issues for $83M

BB&TCorp. announced an $83 million mortgage-related settlement with theU.S. Department of Justice.

The settlement covers mortgage loans originated by the bank andinsured by the U.S. Department of Housing and Urban Development's FederalHousing Administration.

BB&T settled the charges without any admission ofliability and said the settlement will not have a negative impacton its financial results.

The company is also pursuing a possible recovery ofapproximately $70 million in a related matter, it said in its releaseannouncing the settlement.