(Reuters) – SunTrust Banks Inc is refiling documents in 4,000 foreclosure cases after an internal review found problems with the bank’s home repossessions.
The Atlanta-based bank said in its 2010 annual report filed with U.S. securities regulators on Friday that some foreclosure affidavits were signed by employees who did not directly review documents to ensure accuracy and instead relied on the work of others.
SunTrust said it is refiling the documents and expects to have the process substantially completed by the end of first quarter 2011.
The process, dubbed “robo-signing” by critics, forced some of the largest U.S. mortgage lenders to halt foreclosures last Fall amid a firestorm of public criticism.
SunTrust is the latest bank to admit problems in its foreclosure process and is one of 14 U.S. mortgage lenders at the center of several investigations by state and federal authorities.
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