"We have not announced any associated charge against earnings at this time," Marcey Zwiebel, a spokesperson for PNC Financial, said in an email. "Our payment will be proportional to our customers' representation among the 3.8 million eligible borrowers, which is approximately 2 percent," the email added.
"We are pleased to have reached this agreement, and believe it represents an important step forward in resolving legacy mortgage issues," Michael McCoy, a SunTrust spokesperson, said in an e-mailed statement.
As part of the IFR settlement, the Fed and OCC said on Monday announced that the foreclosure review had ended, and that the servicers subject to the foreclosure settlement would make $8.5 billion in cash payments and other assistance to borrowers victimized by servicing errors.Borrowers could receive up to $125,000 each, in a deal that is split between $3.3 billion in direct payments to eligible borrowers and $5.2 billion in other assistance such as modifications. Follow @agara2004 -- Written by Antoine Gara in New York
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts