7 major lenders ordered to review foreclosure procedures
Posted by admin / Under PNC Financial Services
A top federal bank regulator said Thursday that he has directed seven of the nation's largest lenders to review their foreclosure processes after learning about the widespread mishandling of homeowner evictions by the industry. John Walsh, acting director of the Office of the Comptroller of the Currency, told lawmakers during a hearing on the financial regulatory overhaul enacted this summer that some lenders "clearly had deficiencies" in their system for foreclosures. The banks contacted by regulators include J.P. Morgan Chase, which announced Wednesday that it was freezing 56,000 foreclosures after finding errors in its preparation of documents, according to OCC...
Published on Friday 18th of May 2012 05:50:31 PM
PNC halts mortgage foreclosures
Posted by admin / Under PNC Financial Services
PNC Financial Services Group, the nation's fifth largest bank and the biggest in Pennsylvania, today announced a moratorium on new and pending home mortgage foreclosures. The moratorium, on mortgages owned and serviced by PNC and National City Mortgage, now part of PNC, is effective through March 13, or upon the start of the anticipated U.S. government's loan modification program, the Pittsburgh-based bank said. President Obama is expected to announce tomorrow a plan for stemming the flood of home foreclosures that could include pressure on lenders to cut monthly payments for borrowers in trouble. "PNC wants to help as many customers...
Published on Friday 18th of May 2012 05:50:31 PM
PNC pays bonuses to execs after getting TARP money
Posted by admin / Under PNC Financial Services
NEW YORK (Reuters) - PNC Financial Services Group Inc (NYSE:PNC - News) said on Friday it has awarded bonuses for 2008 to its chief executive and other top officers, becoming the largest recipient of taxpayer money under the government's $700 billion Troubled Asset Relief Program to do so.
Published on Friday 18th of May 2012 05:50:31 PM
Wachovia and National City holders approve takeovers
Posted by admin / Under PNC Financial Services
NEW YORK (Reuters) - Wachovia Corp's shareholders approved the bank's takeover by rival Wells Fargo & Co on Tuesday, bringing one of the largest mergers stemming from the financial crisis near to completion. Separately, regional bank PNC Financial Services Group Inc said its planned takeover of National City Corp was approved by shareholders of both banks and is expected to close by December 31.
Published on Friday 18th of May 2012 05:50:31 PM
PNC to Acquire National City
Posted by admin / Under PNC Financial Services
Merger will create fifth largest U.S. banking deposit franchise PNC to further strengthen capital position The PNC Financial Services Group and National City Corporation today announced that they have signed a definitive agreement for PNC to acquire National City for $2.23 per share, or an aggregate fixed amount of approximately $5.2 billion in PNC stock. Additionally $384 million of cash is payable to certain warrant holders. Total consideration approximates National City's market capitalization as of the close of business on October 23, 2008. National City shareholders will be entitled to 0.0392 share of PNC common stock for each share of...
Published on Friday 18th of May 2012 05:50:31 PM
Share this!