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PNC Settles With Freddie Mac Over Mortgage Claims

originatortimes.com | December 9, 2013

By Patrick Morris

PNC (NYSE: PNC ) announced today that it has reached an $89 million settlement with Freddie Mac (NASDAQOTCBB: FMCC ) related to mortgage claims for loans originated and sold to Freddie Mac between 2000 and 2008.

The settlement resolves certain PNC repurchase obligations for both existing and future claims for approximately 900,000 loans that were sold to Freddie, which is responsible for helping provide liquidity in the mortgage market by buying loans from banks and other financial institutions. The $89 million will also be used to compensate Freddie Mac for any losses that the government-sponsored entity incurred in the past or any other losses that may result in the future.

The settlement “will resolve substantially all of PNC Bank’s outstanding and potential indemnification and repurchase obligations,” and PNC does not believe there will be any other material claims related to the mortgages it sold to Freddie Mac or Fannie Mae.

This also follows news from earlier in the week that Bank of America had reached a roughly $400 million settlement with Freddie Mac related to its own dealings surrounding mortgage repurchase obligations.

PNC did note in the release that at the end of the third quarter it had already appropriately reserved enough money to cover the amount of the settlements.


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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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