The average rate in US home sales has dropped by a whopping 17.3% from the same month a year ago.But that hasn't stopped the number of people who are on a mortgage rising.In the US, home buyers now account for nearly half of all new home sales, up from 44% in January.The number of homes sold has also increased by a staggering 9.3%.In Australia, home sales have jumped by 8.5% from January.That's a ...
The PNC Mortgage business is the worst fraud in the history of the mortgage industry, according to a new report by a nonprofit watchdog group.
In a recent review of the company’s business, The Wall Street Journal said the PNC mortgage business, which originated in the 1990s, was in the process of being “redefined” and “rebranded” to better serve its customers.
“PNC Home Loan, which is now known as PNC Financial, is the company that was created in the United States to make the mortgage loans of millions of Americans,” the watchdog group, the Fair Debt Collection Practices Act (FDCPA), said in a statement.
The watchdog group found that the company was a fraud that preyed on borrowers and consumers by creating false mortgage products and then charging them interest for the loans they never made.
The FDCPA, which was created to help consumers, said PNC used the PPC logo on its home loans to promote its products, but did not disclose that it was owned by a company owned by the company.
The watchdog group said that “some PNC lenders also used the ‘PNC’ name on their home loans.”
The FdcPA said Pnc’s Home Mortgage, which started in 1991, is not only the biggest fraud in history, it is also the worst.
It was the most profitable company in the industry in 2015, according the watchdog, and it is still in business today.
The FDCP said Pincons is the most recent company to file for bankruptcy, and its collapse is a “national tragedy.”
“The FPCPA’s report, The Pnc Mortgage Scandal, lays bare the shocking extent of PNCs predatory mortgage business and shows how its products are still used today by millions of borrowers,” FDCAP chief Mary Jo White said in the statement.
The watchdog said PLC was one of the companies that PNC acquired in 2000, but that it then continued to use PNC to make mortgage loans and then used the company to create products for other businesses.
According to the watchdog’s report:PNC is still using PNC as a marketing and promotional tool, and continues to use the PLC logo on home loans that it is not actually producing and distributing to consumers.
PNC continues to claim that its products have a higher rate of repayment and higher mortgage payment than its competitors, despite a 2013 Consumer Financial Protection Bureau report finding that PLC had no evidence to support that claim.
Pinconts also failed to disclose its own rate of delinquency rates on loans to consumers, despite its own data showing that the loans are much less likely to default.PNC has been in the news in recent months over a scandal involving an employee at the company, who was charged with fraud after allegedly falsifying financial reports for the company for at least five years.
Pnc said the employee is no longer with the company and that it did not know that he was in a relationship with the employee, who is also employed by PNC.
A company spokeswoman said that the employee had been placed on leave, and that the allegations against him were untrue.
FDCAP said in its report that it would like to see PNC pay for the cost of the FDCPR and other legal fees that it has incurred.
The report also calls for a thorough investigation of Pincos business practices and a new regulator for the Pincus business.