NEW YORK (TheStreet) -- The latest home loan foreclosure scandal as well as disappointing weekly jobs reports contributed to the mixed performance of bank stocks on Friday.
The Financial Select Sector SPDR was relatively flat during late morning, up just 3 cents to $14.69.
Large banks seemed to be split at last check. Bank of America (BAC), JPMorgan Chase (JPM), PNC Financial Services (PNC) and Wells Fargo (WFC) were all heading higher, despite the last mortgage scandal involving the so-called robosigning on home foreclosures.
PNC was the latest lender on Friday to say it would halt executing foreclosures in 23 states for a period of one month until it could properly review documents to make sure they complied with state laws. Bank of America, JPMorgan and Ally Financial's GMAC Mortgage were among those that halted foreclosures last week. BofA said Friday that it was expanding the moratorium and review to all 50 states.In a statement on its website, BofA said that it would cease foreclosure sales until the review has been completed. "Our ongoing assessment shows the basis for foreclosure decisions is accurate," Bank of America said. "We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus." Other winners included H&R Block (HRB), up an impressive 7% to $13.76 on strong volume of 4.8 million. On the other hand, Citigroup (C) and U.S. Bancorp (USB) shares were falling modestly on Friday. Shares of Synovus (SNV) were falling 1.4% to $2.54. --Written by Laurie Kulikowski in New York.
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