PNC halts mortgage foreclosures

Pittsburgh Post-Gazette ^ | February 17, 2009 | Patricia Sabatini

[rightwingintelligentsia]

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 as possible to remain in their homes," PNC President Joseph Guyaux said.

PNC and National City Mortgage will not initiate or complete any new foreclosures on customers during this period, the bank said.

[Old Sarge]

All I want to know is: what’s the threshold for getting pie? Three months in arears? Two?

[Oldexpat]

A reduction in payments won’t halt 90% of the foreclosurers.
Many just won’t pay for a house that is worth less than the mortgage and won’t pay for an empty unrented house.

[hsrazorback1]

A moratorium on foreclosures means a moratorium on lending.

[Just another Joe]

All I want to know is: what’s the threshold for getting pie? Three months in arears? Two?

The threshold for pie is whether or not you voted for Obama.

[erkyl]

awww, shucks. I just made my house payment. Maybe by next month Obama will have stopped all foreclosures, and I can wait six months before I have to make another house payment. (I could use the extra money to pay off all my stupid credit card balances and cut them up forever!!!!!)

[VinL]

Sarge, I have a hankering for coconut custard pie. If they promise me free conunut custard, I’ll withhold payments in a heartbeat.

[buffyt]

For those of us who bought a home in 1975 and never missed a payment, and bought our second home in 1987 and never missed a payment, and got equity loan in 2002 and never missed a payment....will the gov’mint bail us out if we fail to pay our mortgages in the future due to the bad economy and job losses???????????????????????? Or did you already have to fail before now. This is all so unfair to those of us who bought LESS house than we could afford, and made our payments like clockwork.

[buffyt]

I LOVE your idea. We can all stop paying our bills! Let Obama pay them all! LOL

[buffyt]

Let’s all buy OBAMA shirts and put framed photos of Obama in our homes! Maybe that will work! we need sum dat pie

[Just another Joe]

Let’s all buy OBAMA shirts and put framed photos of Obama in our homes!

Naw, just print a bunch of these on your home color printer.

[rightwingintelligentsia]

I hear you . . . the irresponsible get the goodies. The rest of us get the bill.

[erkyl]

Bear wants pie.

[ottbmare]

A lot of prayers being answered Yes.

[buffyt]

Actually my printer, I had just set it up, and put a dollar bill on the scanner screen, just to see if it works. Man it was a great copy. IF I had a criminal mind! Even felt real. Don’t worry, I am not stupid enough to spend fake money! LOL

[buffyt]

I know. We work, we pay, we never default. SO we get NOTHING!

[Just another Joe]

I had just set it up, and put a dollar bill on the scanner screen

Ah, but soon you won't be able to spend anything but Obamoney.
That's why I am spreading the 50 Obamoney dollars far and wide.

[buffyt]

And Obama says he may be back in the summer for PORK PART II

[keepitreal]

I spent five years paying the mortgage in an upside down loan to value situation back in the 80’s. Can I get retroactive pie?

[LikeLight]

...what’s the threshold for getting pie?

That's the question. But it's safe to say, I think, that there's no pie for those of us still current with our mortgages. The pie distributors surely wouldn't want to reward hard work and prudence. That wouldn't be fair.