As we continue to analyze and manage our product set, Chase has made the decision to discontinue offering our Subprime and Home Equity products through our Wholesale channel.

New Wholesale Subprime and Home Equity registrations will not be accepted after Friday, May 16, 2008.

Here is the latest update from National City Home Equity. It appears for the near future Home Equity programs at National City will no longer be available to the wholesale channel.

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To: All National City Home Equity Origination Sources

RE: Suspension of Approving Loan and Line Applications

Date: August 7, 2007

Effective Monday, August 6th, 2007, National City Home Equity suspended the acceptance of new applications and the issuance of preliminary approvals on previously submitted loan and line applications.

Loans and lines in the pipeline will be handled as follows:

Fixed-Rate Loans:

· Fixed-Rate Loans with a locked rate and a final approval must be funded within the remaining lock period. Locks cannot be extended.

· Fixed-Rate Loans with a locked rate and a preliminary approval must have remaining conditions cleared and fund within the remaining lock period.

· Fixed-Rate Loans with a floating rate and a preliminary approval can be locked at prevailing rates through Monday, August 13th, 2007. The application must qualify for final approval at the locked rate. The remaining conditions must be cleared and the loan funded prior to the 60-day lock expiration.

Home Equity Lines of Credit:

· Lines of Credit with a final approval must be funded within 60 days of the final approval date.

· Lines of Credit with a preliminary approval must have remaining conditions cleared and fund by Friday, October 5th, 2007.

Please use caution with National City Home Equity!

Not exactly sure of their status but I am told the following:

”Systems are down and we aren’t accepting any new loan applications, conditions can’t be cleared, and we are only able to send out closing docs on deals that are already cleared to close. We are still able to fund loans.”

I am unable to verify that loans should be moved…BUT…
As an option….I have verified with both HSBC and Citi Home Equity that they have no issues accepting new loans, or with closing/funding loans.

CLEVELAND, Aug. 6 /PRNewswire-FirstCall/ — National City Home Equity (NHE), the broker based wholesale home equity lending unit of National City Corporation’s (NYSE:NCC) subsidiary, National City Bank, today issued the following statement regarding a decision to suspend NHE approvals of new applications for new home equity loans and lines of credit:

“In response to market conditions, NHE has suspended approvals of new home equity loans and lines of credit. The move by NHE does not impact National City’s Retail Bank, which continues to offer home mortgage and equity lines and loans directly to customers through its 1,300 branch network in eight states.

WaMu Mortgage Plus, a home loan product that combines a first mortgage AND home equity line of credit into a single loan. With an unprecedented bundle of features including no closing fees, instant access to equity and the ability to reset the interest rate on the mortgage twice a year, the WaMu Mortgage Plus home loan is likely to be the only loan a borrower will ever need.