National City is cutting its dividend by almost half. It also announced 900 more jobs cuts, as a result, the stocks are fell as much as 6.1% on Wednesday. Job cuts announced bring the total number to 3400 jobs. National City says it will continue making home loans, just the retail line. Due to their massive problems, they are completely out of the wholesale business. Keep in mind that National City is out of the subprime mortgage business as well. They sold to Merrill Lynch in 20006. One third of their branches are in Ohio and Michigan, these are states with higher than average mortgage foreclosure rates.
Tags: Lenders With Problems 2007, Mortgage Layoffs, Mortgage News, Mortgage Video
