PNC also stops foreclosures; moves come amid documentation issues
WASHINGTON — Bank of America, the nation’s largest bank by assets, is placing a moratorium on all foreclosure proceedings and sales across the United States, according CNBC and a report on The Wall Street Journal’s Web site. The postponement takes effect Saturday.
Separately, 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 PNC decision, which was reported earlier by the New York Times. The official requested anonymity because the decision hasn't been publicly announced.
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4 comments:
It's about time. These bankers are nothing but thieves. Good luck homeowners.
The secret truth is that NONE OF THESE MORTGAGE banks own the mortgage! They packaged all the mortgages up and sold them as collateralized debt obligations (CDO).
The odds are YOUR mortgage company can't prove they own your mortgage!
If someone buys your debt and then defaults (bankrupts) then do you still owe the debt? Who do you owe it to?
DON'T REFINANCE! The rates are a trick to get all of us to sign new loan papers. Keep your original loan and pay the mortgage. If you fall on hard times, force the mortgage company to prove they own the mortgage.
Anonymous 12:32 PM...Ditto !!!!
Don't blame banks for the fact that moronic homeowners overbought with the belief that housing would only go higher in value. While there were plenty of shady mortgage officers, the fact is a potential homeowner reviews and signs on the dotted line. It's on them to make sure they aren't screwing themselves. This is a minor blip in the road, there will be another 2-4 years of massive foreclosures #'s. It's coming down the pipe no matter what.
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