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Volume 2014 - Number 9

March 6, 2014

PNC Bank, BofA Under Federal Investigation for Possible FHA-Related Fraud, SunTrust’s Settlement Bid Delayed

The Department of Justice is investigating PNC Financial Services Group and Bank of America in connection with their FHA-related mortgage lending practices, the two financial institutions disclosed in filings with the Securities and Exchange Commission. PNC said it has received subpoenas from the U.S. Attorney’s Office for the Southern District of New York seeking information relating to National City Bank’s lending practices in connection with FHA-insured loans as well as the origination of non-FHA loans and their sale and securitization. Another subpoena was issued...

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