The Star-Ledger

State's Job In Mortgage Crisis A Tricky Balance

The Star-Ledger — Tuesday, August 21, 2007

PNC Financial said the bank will invest at least $1 billion over the next three years to provide mortgages, consumer and smallbusiness loans and capital for lowand moderate-income residents and business owners throughout New Jersey.

PNC made the announcement in conjunction with New Jersey Citizen Action, a consumer advocacy group that lobbies banks to invest in local communities, and the Housing and Community Development Network, a consortium of affordable housing builders.

The PNC plan will include below-market rate mortgages, grants for closing costs, grants and loans for residents with disabilities and lending products that support small and emerging businesses.

"This commitment continues our focus to bring community and economic development opportunities to the New Jersey communities that we serve," said William Best, senior vice president and territory manager of Community Development Banking for PNC.

Paige Carlson-Heim, managing director ofthe Housing and Community Development Network, called the agreement an improvement over the bank's current community reinvestment efforts.

— Beth Fitzgerald

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