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

The PNC Financial Services Group, Inc. reached a settlement with Freddie Mac related to faulty mortgages sold before the financial crisis.The Pennsylvania-based bank will pay a sum of $89 million, excluding credits of $8 million. The amount will be paid from PNC Financial’s existing reserves.

PNC (NYSE: PNC ) announced today that it has reached an $89 million settlement with Freddie Mac (NASDAQOTCBB: FMCC ) related to mortgage claims for loans originated and sold to Freddie Mac between 2000 and 2008. The settlement resolves certain PNC repurchase obligations for both existing and future claims for approximately 900,000 loans that.

PNC has previously settled with Fannie Mae, Freddie Mac’s larger cousin corporation. "The completion of these settlement agreements will resolve substantially all of PNC Bank’s outstanding and.

ATLANTA, Oct. 1, 2013 /PRNewswire/ — SunTrust Banks, Inc. (NYSE: STI) today announced an agreement under which Freddie Mac agreed to release SunTrust from existing and future loan repurchase obligations for certain breaches of loan-level selling representations and warranties relating to specific populations of single-family loans and certain other obligations.

The selling representation and warranty framework introduced in 2012, and enhanced in 2014, helps address sellers concerns around loan repurchase risk. Under the framework, Freddie Mac will not exercise its remedies, including the issuance of a repurchase request, for breaches of certain selling representations and warranties if a mortgage.

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. with Freddie Mac related to mortgage claims for loans originated and sold to Freddie Mac between 2000 and 2008. The settlement resolves certain PNC repurchase obligations for both existing and.

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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.