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PNC: New foreclosures resuming with 'enhanced procedures'

By Ariana Eunjung Cha

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.

By Ariana Eunjung Cha  | November 9, 2010; 12:20 PM ET
Categories:  Housing  
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Next: J.P. Morgan Chase, Bank of America, Citigroup, Wells Fargo face myriad of foreclosure lawsuits

Comments


As a general rule, if you can shave at least a half point off your current interest rate, it is a good idea to refinance. If you currently have a home mortgage above 7%, the time is now to make a change. Look online for "123 Mortgage Refinance" they gave me the lowest rate than everybody else which is 3.21%.

Posted by: alexpablo | November 10, 2010 4:14 AM | Report abuse

the issues are not resolved - the last sentence of this blog post is that the banks *want* you to think.
the end of the fc line is not the place to resolve issues. the bank should be closely questioned and have to prove that it offered a rework to the family.
that is the remaining issue to resolve. not a quibble about paperwork.

Posted by: FloridaChick | November 15, 2010 4:16 PM | Report abuse

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