PNC Bank allegedly breached Fannie Mae’s COVID-19 payment deferral agreement by continuing to charge homeowners who opted for the home retention option for past-due monthly principal and interest payments.

A national class action-seeking lawsuit filed in Maryland federal court claims that PNC double-charged borrowers for their past-due principal payments and thus improperly increased the amount of their mortgages.

Furthermore, the lawsuit alleges that members of the class who paid the deferred amounts early were double-charged the amount of past-due interest that PNC agreed to defer.

Payment deferral, offered as a COVID-19 home retention option by Fannie Mae, Freddie Mac and the FHA, details ⇒

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