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PNC Takes Mortgage Loss

The bank will sell mortgages and take a $50 million charge.
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Pittsburgh-based

PNC Financial

(PNC) - Get PNC Financial Services Group Inc. (The) Report

says it will sell $2 billion in mortgages and will take a $50 million charge in the third quarter.

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The bank says, "this loss represents the decline in value of the loans almost entirely from the impact of increases in interest rates.''

PNC says the mortgages either will be sold as a group, or securitized.