PNC Subpoenaed Over National City's Mortgage Lending Practices

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PNC Subpoenaed Over National City’s Mortgage Lending Practices

PNC Subpoenaed Over National City’s Mortgage Lending Practices

WSJ

 

Bank Also Receives Subpoena Over Payment-Processing Relationships With Merchants.

PNC Financial Services has received subpoenas from prosecutors over certain mortgage-lending practices as well as its relationships with merchants for payment-processing services, the Pittsburgh-based bank disclosed in a regulatory filing.

The company said the U.S. attorney’s office for the Southern District of New York has issued two subpoenas regarding National City Bank’s practices involving loans that are insured by the Federal Housing Administration and “origination, sale and securitization practices” for certain loans not insured by the FHA.

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