MetLife Says Disputes on Foreclosures Not Material

MetLife Inc., the insurer with more than 200 home-loan offices in the U.S., said it doesn’t expect a “material” cost tied to disputes over its procedures for taking property from borrowers through foreclosures.

“MetLife Bank verifies the accuracy of borrower information included in affidavits filed in foreclosure proceedings,” the New York-based insurer said today in a regulatory filing. “We do not believe that MetLife Bank has material exposure to potential losses arising from challenges to its foreclosure procedures.”

MetLife found irregularities in foreclosure processes and is delaying the sale of some seized properties, Moody’s Investors Service said on Oct. 14. The insurer, which acquired a mortgage unit from First Horizon National Corp. in 2008, followed Bank of America Corp. and JPMorgan Chase & Co. in announcing reviews of operating practices as regulators investigate the banking industry for improper foreclosures.

via MetLife Says Disputes on Foreclosures Not Material.

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