real-time news and commentary for investors
Wednesday, Aug 14
PNC mortgage investigation may be just the start
- The investigation into PNC's mortgage practices may just be the start, lenders fear, as regulators crack down on lending and servicing discrimination ahead of a Supreme Court decision which could end the use the "disparate impact" theory.
- The bank last week disclosed the DOJ's civil rights division and the CFPB were looking into mortgage loan pricing by National City (purchased by PNC in 2008) and PNC and whether they had a "disparate impact" on protected classes.