Fourth 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.

October 12, 2010

 

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.

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