PNC has received subpoenas over its lending practices related to FHA-backed mortgages
Yet another major lender is under federal investigation over its mortgage lending practices.
PNC Financial Services Group Inc. has received two federal subpoenas over its lending practices related to federally backed loans, according to a Reuters report.
The subpoenas are related to PNC loans insured or guaranteed by the Federal Housing Administration and some non-FHA loan origination, securitization and sales practices, according to Reuters. The lender also received a subpoena from the Department of Justice demanding information on its involvement with some merchant and payment processor customers.
This isn’t the first time PNC has been under the legal microscope. In December, the lender reached a $140 million settlement with Fannie Mae to resolve repurchase issues on certain loans. Also in December, the bank agreed to fork over $35 million to settle allegations that National City Corp., which PNC bought in 2008, discriminated against African American and Hispanic customers.
PNC Financial Services Group Inc. has received two federal subpoenas over its lending practices related to federally backed loans, according to a Reuters report.
The subpoenas are related to PNC loans insured or guaranteed by the Federal Housing Administration and some non-FHA loan origination, securitization and sales practices, according to Reuters. The lender also received a subpoena from the Department of Justice demanding information on its involvement with some merchant and payment processor customers.
This isn’t the first time PNC has been under the legal microscope. In December, the lender reached a $140 million settlement with Fannie Mae to resolve repurchase issues on certain loans. Also in December, the bank agreed to fork over $35 million to settle allegations that National City Corp., which PNC bought in 2008, discriminated against African American and Hispanic customers.
