PNC, Freddie Mac Reach $89M Mortgage Settlement

Law360, New York (December 6, 2013, 11:34 AM EST) -- PNC Financial Services Group Inc. on Friday announced an $89 million settlement with Freddie Mac, making it the latest bank and the second within a week to bring to a close mortgage repurchase claims with the government-controlled firm.

The settlement resolves all repurchase claims against PNC related to around 900,000 home loans the Pittsburgh-based bank sold to Freddie Mac between 2000 and 2008, compensating Freddie Mac for any losses it has already incurred on those mortgages and any future losses those mortgages will generate due to...
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