Feds target another bank for mortgage pricingAugust 13, 2013 @ 7:58 am
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.
Rock Star Rages
A rock star lashed out on Twitter after a Seattle restaurant denied him entry
Don O'Neill says we shouldn't be giving standing ovations to a team that didn't make playoffs
Take a look at the records for biggest saltwater fish ever caught in Washington
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.