PNC Reportedly Halts Sales Of Foreclosures

Pittsburgh-based PNC Financial Services Group has suspended sales of foreclosed homes for 30 days, becoming the fourth major lender to do so in the last two weeks, according to a report in The New York Times Thursday.

The bank has instructed title insurers that it is halting sales, reporter David Streitfeld writes.

PNC is reviewing its servicing procedures to ensure they meet legal requirements, PNC spokesperson Fred Solomon tells MortgageOrb.com, declining to comment further on the matter.

SOURCES: The New York Times, PNC

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