PNC Under Investigation for FHA, Fannie, Freddie Mortgages

March 3, 2014
Housing Wire 
mortgage lending news
The U.S. Attorney's Office for the Southern District of New York has subpoenaed PNC Bank in connection with allegations of faulty lending practices at National City Bank. PNC has merged with National City.

The subpoenas involve National City, lending practices with loans backed by the FHA as well as certain non-FHA-insured loan origination, sale and securitization practices. A third subpoena seeks information on claims for costs that are incurred by foreclosure counsel in connection with the foreclosure of loans insured or guaranteed by FHA, Fannie Mae, or Freddie Mac. The investigation is in its early stages.

National City and PNC earlier faced a joint inquiry by the Department of Justice, Civil Rights Division, and the Consumer Financial Protection Bureau over whether their mortgage pricing had a disparate impact on protected classes.

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