PNC settles with Freddie Mac for $89M

The agreement resolves substantially all indemnification and repurchase obligations on 900K loans originated and sold by PNC to Freddie Mac (FMCC) between 2000 and 2008. PNC will pay Freddie $89M (less credits of $8M).

This follows an agreement in principal between PNC and Fannie Mae. Both deals require final approvals from the FHFA.

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