PNC settles with Freddie Mac for $89M over repurchase obligations
Deal ends buyback requests tied to 2000-2008 originations
PNC Financial Services Group (PNC) effectively resolved all of its outstanding mortgage repurchase obligations to Freddie Mac by settling for $89 million.
The Pittsburgh-based bank, the parent of PNC Bank, said the deal effectively ends buyback obligations tied to toxic mortgage loans sold off to Freddie Mac between the years 2000 and 2008.
The issues relate to 900,000 different mortgages.