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PNC » Topics » Jumbo Mortgages

This excerpt taken from the PNC 10-K filed Mar 2, 2009.

Jumbo Mortgages

At December 31, 2008, National City’s jumbo mortgage securitization series 2008-1 was outstanding. Our continuing involvement in the securitized mortgage loans consists primarily of servicing and limited requirements to repurchase transferred loans for breaches of representations and warranties. As servicer, we hold a cleanup call repurchase option when the outstanding principal balances of the transferred loans reach 5% of the initial outstanding principal balance of the mortgage loans securitized.

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