PNC Bank and Freddie Mac Reach Settlement Agreement

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On December 6, PNC Bank announced an agreement in principle to an $89 million dollar settlement agreement with Freddie Mac resolving outstanding and potential repurchase claims arising out of the sale of some 900,000 loans to Freddie Mac between 2000 and 2008. The settlement also covers existing and future claims for losses due to denials, rescissions or cancellations of mortgage insurance. Press Release.


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