PNC Financial suspends foreclosures: reports
PNC Financial (PNC) notified title insurance companies of a 30-day foreclosure suspension as it reviews its procedures for faulty documents, according to a story in the New York Times. PNC Financial joins Ally Financial (GJM), JPMorgan Chase (JPM) and Bank of America (BAC) and Goldman Sachs' (GS) Litton Loan Servicing as companies who've admitted to signing foreclosure affidavits without reviewing the documents or without a notary present. Bank of America extended the foreclosure suspension to all 50 states Friday. The others restricted suspensions to 23 judicial foreclosure states. Commentators said Friday if any more banks suspend foreclosures, the housing market could slip into another tailspin. The New York Times article referred to an unnamed title insurance company that received a memo from PNC. On Friday, a spokesman for the bank told HousingWire that it was communicating with attorneys over the issue. PNC Financial was the ninth largest servicer in 2009 with a servicing portfolio of $158.1 billion at the end of the fourth quarter. A spokesman for PNC did not immediately respond to requests for comment Monday. Write to Jon Prior.