Pnc Profits Plummet Due To Foreclosure Lawsuits

By Author: michael ryson
Total Articles: 15
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PNC Financial Services Group reported lower results because of expenses and costs of ongoing home mortgage, foreclosure lawsuits, as reported by Thomas Olson, Pittsburgh Tribune Review.

Although PNC was not one of the major banks named in the February foreclosure fraud settlement, it incurred a $38 million expense in connection with the government settlements on improper foreclosure help proceedings.

“The Pittsburgh bank completed the RBC acquisition on March 2, adding 424 branches in the Southeast. PNC booked $145 million in integration expenses in the quarter to fold RBC into PNC, plus an additional $40 million in operating expenses,” according to the Pittsburgh Tribune.

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“PNC had recorded a $240 million expense in the October-December quarter to account for ‘mortgage foreclosure-related expenses primarily ...
... as a result of ongoing governmental matters,’” it stated without providing details, the Pittsburgh Tribune Review.

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Wells Fargo Accused of Discrimination Against Minority Foreclosures:

Tuesday, The National Fair Housing Alliance, a group of nonprofit housing advocates, filed a discrimination complaint against Wells Fargo.

The complaint is against San Francisco-based Wells Fargo and Co. and Wells Fargo Bank with the U.S. Department of Housing and Urban Development, according to The Washington Post.

The claims allege the bank is neglecting foreclosed properties in Latino areas and paying better attention to foreclosed homes in white neighborhoods, as reported by Fox News.

The Federal Fair Housing Act requires all banks, investors, servicers and other parties to market and maintain homes without regard to race or ethnicity.

In lieu of the recent $25 billion settlement, Wells Fargo is now, not only accused of unlawfully placing homeowners from Mortgage Default into Foreclosure, and other unlawful foreclosure help practices, but also discriminating against specific groups of homeowners.

The group began investigations in 2010 on more than 200 properties in: Philadelphia, Washington, Atlanta, Baltimore, Dallas, Dayton; Ohio, Miami and Fort Lauderdale and Oakland; Calif.

“Bank-owned homes in white communities were treated in a “far superior manner,” the complaint alleges , The Washington Post. Those homes were 33 percent more likely to be marketed with a professional “For Sale” sign than homes in black or Hispanic communities.”

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If you are behind on your mortgage payments, then The Foreclosure Law Center can help you. For more details about The Foreclosure Law Center Complaints, please visit us online at http://www.theforeclosurelawcenter.com/.