Controversy
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In regard to PNC's Midland Loan Services, in late 2001 commercial mortgage loans held by First Chicago Capital Corporation were transferred to Midland Loan Services and Lennar Partners, Miami, Florida. Lennar Partners, on behalf of Midland, proceeded to declare commercial loans in default by calling in such loans for full payment, without giving borrowers ample opportunity to secure new financing. Most borrowers had been previously assured by Midland that their loans would continue as they had prior to the acquisition of First Chicago Capital Corporation. When borrowers made their usual mortgage payment to Midland, they soon after received notices of default and foreclosure.
In October 2011, PNC temporarily closed two of its branches in Downtown Pittsburgh as a result of protesters going into those branches to protest. The protesters were part of the Occupy Wall Street movement.
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Famous quotes containing the word controversy:
“Ours was a highly activist administration, with a lot of controversy involved ... but I’m not sure that it would be inconsistent with my own political nature to do it differently if I had it to do all over again.”
—Jimmy Carter (James Earl Carter, Jr.)
“And therefore, as when there is a controversy in an account, the parties must by their own accord, set up for right Reason, the Reason of some Arbitrator, or Judge, to whose sentence, they will both stand, or their controversy must either come to blows, or be undecided, for want of a right Reason constituted by Nature; so is it also in all debates of what kind soever.”
—Thomas Hobbes (1579–1688)