PNC subpoenaed on foreclosure costs; DOJ probing mortgage pricing

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PNC subpoenaed on foreclosure costs; DOJ probing mortgage pricing

PNC subpoenaed on foreclosure costs; DOJ probing mortgage pricing

Bloomberg-

PNC Financial Services Group Inc said it received a subpoena seeking information about claims for foreclosure expenses related to federally backed mortgage loans.

The bank also said it was being investigated by two U.S. government regulators over the pricing of mortgages loans issued by PNC and City National 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 guaranteed by the Federal Housing Administration, Freddie Mac and Fannie Mae.

[BLOOMBERG]

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