The Real Estate Encyclopedia
National City Bank
Category - Home Purchase Facilitators - Banks

National City Corporation (NYSE: NCC), headquartered in Cleveland, Ohio, is one of the nation's largest financial holding companies. The company operates through an extensive banking network primarily in Ohio, Florida, Illinois, Indiana, Kentucky, Michigan, Missouri and Pennsylvania, and serves customers in selected markets nationally. Its core businesses include commercial and retail banking, mortgage financing and servicing, consumer finance and asset management.

In July 2007, NCC said it would fold its home equity business into National City Mortgage Co., a move designed to cut costs and respond to deteriorating mortgage markets. Cleveland-based National City said some National Home Equity staff will join National City Mortgage's wholesale division, but many sales and support jobs will be eliminated.

Dec 2007. The Ohio-based bank has been under earnings pressure from its former First Franklin Mortgage and Home Equity lending segments. National City sold First Franklin, a subprime lending operation, to Merrill Lynch in January in a deal valued at $1.3 billion; in August, the company said it would merge its Home Equity lending business with National City Mortgage, the bank's wholesale lending arm.



External Links
http://www.nationalcity.com
 
 
Category(s)
Home Purchase Facilitators - Banks
Home Purchase Facilitators - Mortgage Brokers
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