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Tuesday, January 22, 2008

Lenders continue to be knocked by turmoil in credit and mortgage markets

January 22 2008
A quartet of regional banks reported steep declines in profit on Tuesday as lenders continued to be knocked by turmoil in credit and mortgage markets. National City Corp. said it swung to a fourth-quarter loss of $333 million, or 53 cents a share, from a profit of $842 million, or $1.36 cents a share, a year earlier. The Cleveland-based bank said the loss resulted from a large credit-loss provision, losses on mortgage loans held for sale, indemnification charges from Visa Inc. and severance charges resulting from job cuts. The company also recorded a goodwill impairment charge of $181 million, or 26 cents a share, associated with the mortgage business. Analysts polled by Thomson Financial, on average, projected a per-share loss of 26 cents, excluding some items.

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