PNC Agrees to Settle 2nd Mortgage Class Action

The PNC Financial Services Group Inc. has agreed to settle a class-action lawsuit alleging excessive fees and illegal kickbacks on second mortgages.

At issue are loans made by Community Bank of Northern Virginia, which PNC inherited with its 2006 acquisition of Mercantile Bankshares Corp.

Borrowers allege that Community Bank charged excessive fees and paid kickbacks to a mortgage brokerage firm that steered them toward the bank.

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