NEW YORK — Following the lead of other large banks, PNC Financial Services Group Inc., now the largest bank in Kentucky, on Tuesday announced a moratorium on new and pending mortgage foreclosures.
The moratorium on mortgage loans owned and serviced by PNC and the recently acquired National City Mortgage is effective immediately through March 13, or upon the start of the government's anticipated loan modification program, the company said.
President Barack Obama is scheduled to outline a plan on Wednesday to help stem mortgage foreclosures.
The move comes after JPMorgan Chase & Co. and Citigroup Inc. announced last week they would expand their efforts to halt home foreclosures.
JPMorgan Chief Executive Jamie Dimon said the New York company plans to suspend new foreclosures on owner-occupied home loans through March 6. Dimon made the pledge in a letter to Rep. Barney Frank, chairman of the House Financial Services Committee, who released it Friday.
Meanwhile, Citigroup's foreclosure moratorium applies to all Citi-owned first mortgage loans that are the principal residence of the customer, as well as all loans Citi services until the administration finalizes the details of its loan modification program or March 12, whichever is earlier.