KIRO Radio's Tom Kelly digs deep into the Puget Sound real estate market
Real Estate

Feds target another bank for mortgage pricing

PNC Financial Services is reportedly being investigated by federal regulators on its mortgage business, including how it priced mortgages for customers.

The investigations by the Justice Department and the Consumer Financial Protection Bureau center on how mortgages were priced by National City and PNC and whether pricing "had disparate impact on protected classes" of homeowners, such as certain ethnic groups or income levels.

PNC disclosed the investigation in a filing with the U.S. Securities and Exchange Commission. PNC purchased National City in 2008. National City is the seventh largest bank in the U.S.

Several banks have faced lawsuits recently. The government filed a civil lawsuit against Bank of America Corp. last week over the sale of $850 million in residential mortgage-backed securities. JPMorgan Chase & Co. also recently announced that the company is undergoing a criminal probe by the Justice Department over sales of its mortgage-backed securities.

Top Stories

  • Voting for Judges
    Which judge will get your vote this November? Colleen O'Brien gets advice on how to decide
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Listen to the show
Hear Real Estate Today on KIRO Radio
Join Tom Kelly every Sunday at 9am on KIRO Radio to talk Puget Sound real estate.

Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.