PNC Financial Services, Pittsburgh, is rebalancing its portfolio and says it expects to sell $6 billion in securities, booking a $200 million loss on the deal.PNC disclosed the information in a recent 8-K filing with the Securities and Exchange Commission. Some news reports said the securities in question are collateralized by mortgages, but the word "mortgage" is not used in the 8-K filing. PNC could not be reached for comment by MortgageWire's deadline. In the filing, the bank said the securities "will likely underperform on a relative-value basis."
PNC to Book $200M Loss on MBS Sales?
September 12, 2006, 2:00 p.m. EDT 1 Min Read
