PNC Financial Services has immediately stopped work on all new and pending foreclosures against mortgage holders who are behind in their house payments.
The move follows similar actions by industry leaders JP Morgan Chase, Bank of America and Citigroup.
PNC Spokesman Patrick McMahon said the action is not a response to what other banks have done, but a continuation of actions PNC was implementing as the housing market and the economy soured.
PATRICK McMAHON
"We've been very aggressive in providing loan modification programs for our customers. This includes reduced rate options, extended payback terms. We've also more than doubled the number of employees who are working on loan modification programs to help our customers."
The moratorium takes effect for customers whether the loan was originally with PNC, or was added during the December take-over of Cleveland's National City, which made PNC the nation's fifth largest deposit bank.
The foreclosure suspension will last until March 13, or will end sooner if the U.S. Treasury unveils its national program to help troubled homeowners before then.
