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EmailFourth mortgage lender halts foreclosures
PNC Financial Services Group became the fourth mortgage lender to halt foreclosures, joining GMAC Mortgage, JPMorgan Chase and Bank of America, according to Housing Predictor.
The lenders are reviewing procedures that employees followed in signing thousands of legal documents without determining the accuracy of the paperwork. Hundreds of thousands of homeowners are currently filing lawsuits to challenge the banks’ proof of ownership.
The foreclosure shutdown threatens to wipe out the housing recovery, since nearly a third of all recent home sales have been distressed or foreclosed homes.
More like this
- Mortgage Giant GMAC Halts Foreclosures in 23 States for Review
- MBA Report Shows 1 in 10 Mortgages Now Delinquent or in Foreclosure
- J.D. Power: Satisfaction With Primary Mortgage Lenders Declines
- Builder confidence holds steady for fourth month
- Mortgage Bankers Association Predicts Rise in Mortgage Rates
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