Today, PNC and US Bancorp shared with Reuters that they have set aside funds for mortgage related matters in exchange for immunity from lawsuits for improper foreclosures and bad mortgage origination practices. This newly proposed settlement, which has mostly targeted the big 5 lenders, orders banks to provide $20 to $25 billion in funding for troubled home loan borrowers and is predicted to help around one million people.
It has been said by US Bancorp CEO, Richard Davis, that this information regarding their mortgage abuse funds does not mean they have reached a final decision on the settlement. PNC and Bancorp were part of the group of 14 lenders which have been put under scrutiny regarding their lending practices but by them sharing they are looking ahead and setting aside funds for borrowers, this proves as hope for the industry, beyond the big five lenders.
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