PNC Financial Services Group Inc. is close to picking a winning bidder on a $600 million portfolio of mostly nonperforming second mortgages that belonged to National City Corp.'s mortgage unit.
Several hedge funds have been mentioned as potential bidders, said an investment banker close to the deal. PNC bought National City late last year. National City Mortgage was a large player in the second-lien market.
A PNC spokesman did not return a telephone call about the auction.