PNC: New foreclosures resuming with 'enhanced procedures'
PNC Financial Services said in a regulatory filing Tuesday that it is proceeding with new foreclosures with "enhanced procedures designed as part of this review to minimize the risk of errors."
PNC, the nation's sixth-largest bank, had said in early October that it would halt foreclosure sales for a month to examine its documentation process.
The Pittsburgh-based company said that based on its review so far, "we believe that PNC has systems designed to ensure that no foreclosure proceeds unless the loan is genuinely in default."
Bank of America also recently resumed foreclosures in 23 states. Ally Financial, which was the first major lender to freeze foreclosures Sept. 17, paused them only briefly and has been continuing with individual foreclosures after each file has been double-checked and any issues corrected.
Ariana Eunjung Cha
| November 9, 2010; 12:20 PM ET
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