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Monday, September 17, 2007

National City sees $160M loss on mortgages

September 17 2007
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.


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