Credit, Foreclosures, Timothy Kingcade Posts

PNC Financial Services Subpoenaed on Foreclosure Costs

PNC Financial Services Group Inc recently received a federal subpoena seeking information about claims for foreclosure expenses related to federally backed mortgage loans. The bank is also being investigated by the Justice Department and a government regulator over the pricing of mortgage loans issued by PNC and National City Corp, the company it bought in 2008. The subpoena from the U.S. Attorney’s office for the Southern District of New York deals with loans insured or guaranteed by the Federal Housing Administration, Freddie Mac and Fannie Mae.

The disclosure about the inquiry comes a week after PHH Corp said it had received a similar subpoena from the same US Attorney office related to foreclosure expenses. In June, the Department of Justice authorized the filing of a civil complaint against PNC, while the Consumer Financial Protection Bureau authorized settlement negotiations with the lender.

Both the Department of Justice and the Consumer Financial Protection Bureau are investigating whether mortgage loan pricing by National City and PNC “had a disparate impact on protected classes.”

The PNC disclosure comes after President Obama vowed to hold companies responsible for breaking the law in financing the housing bubble that caused the financial crisis.

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