PNC Bank 2010 Annual Report Download - page 193
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Please find page 193 of the 2010 PNC Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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corporations, unions, municipalities, non-profits, foundations
and endowments located primarily in our geographic
footprint.
Residential Mortgage Banking directly originates primarily
first lien residential mortgage loans on a nationwide basis with
a significant presence within the retail banking footprint, and
also originates loans through majority and minority owned
affiliates. Mortgage loans represent loans collateralized by
one-to-four-family residential real estate. These loans are
typically underwritten to government agency and/or third
party standards, and sold, servicing retained, to secondary
mortgage market conduits FNMA, FHLMC, Federal Home
Loan Banks and third-party investors, or are securitized and
issued under the GNMA program. The mortgage servicing
operation performs all functions related to servicing mortgage
loans – primarily those in first lien position – for various
investors and for loans owned by PNC. Certain loans
originated through majority or minority owned affiliates are
sold to others.
BlackRock is the largest publicly traded investment
management firm in the world. BlackRock manages assets on
behalf of institutional and individual investors worldwide
through a variety of equity, fixed income, multi-asset class,
alternative and cash management separate accounts and funds,
including iShares®, the global product leader in exchange
traded funds. In addition, BlackRock provides market risk
management, financial markets advisory and enterprise
investment system services globally to a broad base of clients.
At December 31, 2010, our economic interest in BlackRock
was 20%.
PNC received cash dividends from BlackRock of $178 million
during 2010, $134 million during 2009, and $135 million
during 2008.
Distressed Assets Portfolio includes commercial residential
development loans, cross-border leases, consumer brokered
home equity loans, retail mortgages, non-prime mortgages,
and residential construction loans. These loans require special
servicing and management oversight given current market
conditions. We obtained the majority of these loans through
acquisitions of other companies.
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