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October 26, 2007
Stung by Mortgage Woes, NatCity Profits Fall 80%
National City Corp. saw its third-quarter net income slide by 80% because of writedowns and higher delinquencies on its residential mortgage business. The company reported third-quarter net income of $106 million, compared with $526 million a year earlier. The earnings release came a day after NatCity said it was shutting its correspondent residential unit but will remain a retail and wholesale lender.
Posted by S. Germain at October 26, 2007 08:16 AM