PNC Financial Services Group Inc., the sixth-largest U.S. bank by deposits, plans to resume home repossessions with "enhanced procedures."
Individual foreclosures have been delayed "until we are confident that any pending documentation issues have been resolved," the Pittsburgh-based lender said Tuesday in a regulatory filing. "We are currently proceeding with new foreclosures under enhanced procedures designed as part of this review to minimize the risk of errors."
In early October PNC said it had halted sales of foreclosed homes for a month to examine documents used to justify foreclosures. "Based upon our review thus far, we believe that PNC has systems designed to ensure that no foreclosure proceeds unless the loan is genuinely in default," PNC said in the filing. The average loan in foreclosure is more than one year delinquent, the company said.
