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PNC Financial Services Group Reaches Settlement Agreement With Freddie Mac

news.morningstar.com | December 9, 2013

By Dan Werner

PNC Financial Services Group announced that its affiliate, PNC Bank, N.A., has reached an agreement in principle with the Federal Home Loan Mortgage Corporation (Freddie Mac) to resolve substantially all indemnification and repurchase obligations related to loans sold to Freddie Mac between 2000 and 2008. PNC Bank will pay Freddie Mac $89 million (less $8 million in credits) to resolve certain existing and future repurchase obligations related to about 900,000 loans originated and sold to Freddie Mac primarily between 2000 and 2008, and to compensate Freddie Mac for certain past losses and potential losses relating to denials, rescissions, and cancellations of mortgage insurance. This agreement follows the previously announced agreement that PNC reached with the Federal National Mortgage Association (Fannie Mae) to resolve repurchase demands with respect to loans sold between 2000 and 2008. These agreements will substantially resolve all of PNC's outstanding and potential indemnification and repurchase obligations related to loans sold to the two GSE's from 2000 through 2008. The agreements are still subject to final approvals by Fannie Mae and Freddie Mac's regulator. PNC had fully accrued the amount of the settlements as of Sept. 30. Therefore, we are leaving our moat rating and fair value estimate unchanged.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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