PNC settles with Freddie Mac for $89M

|About: PNC Financial Services G... (PNC)|By:, SA News Editor

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.