PNC settles with Freddie Mac for $89M over repurchase obligations

PNC Financial Services Group effectively resolved all of its outstanding mortgage repurchase obligations by settling a lingering case filed by Freddie Mac for $89 million. The Pittsburgh-based.

PNC announced today that it had reached a $89 million settlement with Freddie Mac for claims surrounding its repurchase obligations over mortgages it sold to the government-sponsored entity from.

PNC financial services group (pnc) in Pittsburgh has agreed to pay $89 million to Freddie Mac in order to resolve repurchase obligations on loans sold to the government-sponsored entity. The $298 billion-asset PNC said Friday that the settlement covers approximately 900,000 loans originated and sold.

PNC Financial Services Group, the biggest bank based in Pennsylvania and one of the 10 largest in the U.S., is the latest to announce a deal: PNC said this morning it’s agreed to pay a net $81 milllion to Freddie Mac (Federal Home loan mortgage corp.) "to resolve substantially all indemnification and repurchase obligations related to loans sold to Freddie Mac between 2000 and 2008."

PITTSBURGH, Dec. 6, 2013 /PRNewswire/ — The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that its affiliate, PNC Bank, National Association, has reached an agreement in principle with the Federal Home Loan Mortgage Corporation (Freddie Mac) to resolve substantially all indemnification and repurchase obligations related to loans sold to Freddie Mac between 2000 and 2008.

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.

PNC Real Estate is one of the industry’s top providers of conventional and affordable multifamily financing. We’ve earned a reputation as a leader in the multifamily industry thanks to our breadth of financing options and our dedicated team of multifamily experts.

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WHEREAS, Freddie Mac is willing to accept the Settlement Amount (as the same may be adjusted pursuant to the terms of this Agreement) from GMACM (and other benefits to Freddie Mac under or in connection with this Agreement, including, without limitation, the receipt by Freddie Mac from GMAC Inc. of the hereafter-referenced Guaranty) in satisfaction of such Released Obligations, and in.

PNC financial services group announced that its affiliate, PNC Bank, N.A., has reached an agreement in principle with the Federal Home Loan Mortgage Corporation (Freddie Mac) to resolve substantially all indemnification and repurchase obligations related to loans sold to Freddie Mac between 2000 and 2008.