Tags: mortgage | lending | PNC | subpoena

PNC Subpoenaed Over Mortgage Lending Practices

Monday, 03 Mar 2014 10:47 AM

PNC Financial Services Group Inc. said it received federal subpoenas about its lending practices in relation to certain federally backed mortgage loans.

The two subpoenas from the U.S. Attorney's Office for the Southern District of New York deal with loans insured or guaranteed by the Federal Housing Administration as well as certain non-FHA-insured loan origination, sale and securitization practices, PNC said in a regulatory filing on Monday.

PNC said the inquiries were in their early stages and the bank was cooperating with the authorities.

The Pittsburgh-based bank said in August that it had received a subpoena seeking information on claims for foreclosure costs also related to the former National City Corp., which it bought in 2008.

The bank agreed in December to pay $35 million to settle charges that National City discriminated against African-American and Hispanic borrowers.

PNC has also been served a subpoena by the Department of Justice seeking information on its relationship with certain merchant and payment processor customers, the filing showed on Monday.

PNC's shares fell 1.4 percent to $80.62 on the New York Stock Exchange on Monday morning.

© 2017 Thomson/Reuters. All rights reserved.

 
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PNC Financial Services Group Inc. said it received federal subpoenas about its lending practices in relation to certain federally backed mortgage loans.
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2014-47-03
Monday, 03 Mar 2014 10:47 AM
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