MetLife Fined by Fed Ahead of Exit From Banking
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MetLife Inc., the insurer seeking an exit from banking to limit U.S. regulation, was penalized $3.2 million by the Federal Reserve for lapses tied to the servicing of loans and handling of foreclosures.
MetLife is among companies scrutinized by U.S. authorities including the Fed and Justice Department for abusive foreclosure practices stemming from the collapse of the housing bubble. Five larger home lenders, including Bank of America Corp., reached a $25 billion deal this year with states and the U.S. to end a probe, while reviews continued for smaller lenders.