PNC Financial Services Group Inc. today joined Bank of America Corp., JPMorgan Chase & Co. and Ally Financial's GMAC Mortgage Unit in stopping mortgage foreclosures and evictions for a month so it can review whether documents it submitted to courts complied with state laws.
Pittsburgh-based PNC will halt the foreclosures in 23 states, according to a report in The New York Times.
The decisions to stop foreclosures come amid national media reports of bank processors approving documents without properly reviewing them and bank agents ordering the locks changed on the doors of houses that are not even in foreclosure – sometimes while the residents are inside.
Lawmakers today called for more mortgage lenders to halt foreclosure proceedings after allegations that several banks failed to properly review documents. The alleged practices include "robo-signing," in which documents are signed but not read. Bank of America will stop foreclosures in all 50 states as it reviews its procedures, according to The Wall Street Journal.
Milwaukee-based Marshall & Ilsley Corp., the parent company of M&I Bank, has extended its moratorium on foreclosures for several months.
Banks halt foreclosures and evictions
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