PNC Announces Mortgage Foreclosure Moratorium

All new or pending mortgage foreclosures by PNC Financial Services and their subsidiary National City Mortgage will be put on hold until the federal government unveils its loan modification program. The exact date of this is yet to be determined; however, PNC projects that it will uphold the freeze until about March 13. PNC spokesman Pat McMahon says the moratorium is just one of several steps the bank has taken to help "distressed borrowers." Reduced rate options, extended payback terms and doubling their customer service staff are some of the other measures PNC has employed. McMahon says the bank wants to see as many customers as possible stay in their homes.