PNC APPROVED TO PARTICIPATE IN FREDDIE MAC'S DELEGATED UNDERWRITING MODEL

McLean, VA – PNC recently signed a risk-share agreement with Freddie Mac (NYSE:FRE) and became the seventh approved lender for Freddie Mac's Delegated Underwriting model for tax-credit properties.

Delegated Underwriting gives certain qualified correspondent lenders more expedited processing and flexibility in exchange for sharing a portion of the risk when underwriting mortgages secured by properties benefiting from Low-Income Housing Tax Credits.

"At PNC, we focus on finding the right solution to meet our customer's needs," said Tom Booher, executive vice president PNC MultiFamily Capital, the multifamily capital group at PNC Bank, National Association. "The addition of the Freddie Mac risk-share capability enables PNC customers to tap into a broader array of affordable financing products."

"We look forward to working with PNC as our Delegated Underwriting partner, building on our long-term special relationship with PNC as both a Freddie Mac Program Plus® lender and Low-Income Housing Tax Credit equity syndicator," said W. Kimball Griffith, Freddie Mac Multifamily director of Structured and Affordable Sourcing. "We expect that this new streamlined business model will enhance our affordable business with PNC."

Since the introduction of the Freddie Mac Program Plus network of multifamily loan originators and servicers in 1993, Freddie Mac has provided financing for over 48,000 multifamily properties totaling more than $147 billion.

PNC loans offered through the Freddie Mac Delegated Underwriting model will be provided by PNC Bank, National Association, a member of The PNC Financial Services Group (NYSE: PNC).

The PNC Financial Services Group, Inc., (www.pnc.com) is one of the nation's largest diversified financial services organizations providing consumer and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage passthrough securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than four million renters.

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