Mortgage news

News, trends and analysis of the mortgage and credit market

Monday, September 17, 2007

National City sees $160M loss on mortgages




September 17 2007 Money.CNN.com
Regional bank National City Corp. said Monday after-tax losses for its mortgage banking division are likely to be close to $160 million in the third quarter. National City had originally projected losses between $130 million and $160 million for the quarter, but said in a regulatory filing the losses are expected to be at the high end of the range. National City said it expects to write down the value of "Alt-A" and home equity loans held for sale as the investor market for those loans has dried up. Alt-A loans are loans given to customers with minor credit problems or who do not have the documentation to qualify for a traditional prime loan.

More

Get A Home Loan Today

Email this article to a friend | Send us a comment

0 Comments:

Post a Comment

Subscribe to Post Comments [Atom]

Links to this post:

Create a Link

<< Home