PNC halting foreclosures in 23 states for a month, the 4th major lender to suspend process

By Alan Zibel, AP
Friday, October 8, 2010

PNC halting foreclosures in 23 states for 30 days

WASHINGTON — PNC Financial Services Group Inc. is halting most foreclosures and evictions in 23 states for a month so it can review whether documents it submitted to courts complied with state laws.

An official at the Pittsburgh-based bank confirmed the decision, which was reported earlier by the New York Times. The official requested anonymity because the decision hasn’t been publicly announced.

PNC becomes the fourth major U.S. lender to halt some foreclosures amid evidence that mortgage company employees or their lawyers signed documents in foreclosure cases without verifying the information in them.

Three other companies — Ally Financial’s GMAC Mortgage unit, Bank of America, and JPMorgan Chase have announced similar moves in the past two weeks.

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