Relevant:
- National City's Net Income Falls on Mortgage Lending
- Cleveland To Use National Mortgage Settlement Money To Demolish Homes, Sill Wants Banks To Pay
- City of Cleveland Loses Appeal Against Wall Street in Subprime Mortgage Case
- AIG, Bank of America, Citigroup, National City
- National City to get $6B from private investors
2008-03-13 — cnn.com
The Cleveland-based bank, which has been hurt by the housing slump, had been hunting for investors. But the company is now seeking buyers, the Wall Street Journal reports on its Web site, citing people familiar with the matter.
See also Wells Fargo likely to consider buying struggling Cleveland bank. As if Wells doesn't have problems enough of its own!
National City previously exited wholesale, home equity, and correspondent mortgage lending.
National City sold First Franklin to Merrill Lynch in a deal consummated in January 2007. That, it seems, was not quite enough.
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