PNC Financial (PNC) told attendees at a Morgan Stanley financials conference today that it will be buying back more bad mortgages on increasing demand from homeowners, Marketwatch reported.
The news sent PNC shares down 3%, and appeared to be weighing on other banks with large mortgage exposures. Wells Fargo (WFC) was down about 0.2% even as most other large banks were trading higher. SunTrust Banks (STI) was down 0.5%.
Bank of America (BAC) and other firms are also expected to deliver presentations at the conference later today.
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