PNC Stops Foreclosures
admin on February 18th, 2009
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PNC has suspended foreclosures on mortgage loans until March 13 or the start of the loan modification program that is currently being developed by the U.S. government. All loans owned and services by PNC and National City Mortgage, whick became part of PNC on December 31, are included in the suspension of foreclosures.
PNC is providing loan modification programs in order to help mortgage holders that are in danger of going into foreclosure, by helping them reduce interest rates, extend payment terms, and offering forbearance agreements.
Shares of PNC dropped $2.48, or 8.8 percent, to $25.72 after the announcement.
