Thursday, July 24, 2008

Penalty for Early Withdrawl


National City Corp., Cleveland, reported a net loss of $1.8 billion Thursday for the second quarter, more than 10 times the hit it took in the first quarter. Net income for the second quarter of 2007 was $347 million. National City (NYSE:NCC) posted a loss of $2.45 per diluted share, far worse than analysts' estimates of -26 cents; the company made 60 cents per diluted share a year ago.

Brought low by the subprime crisis and its troubled mortgage portfolio, National City has battled takeover rumors, talk of division sales and a skidding stock price that has traded at a range of $2.99 to $31.58.
Makes me wonder how many of those foreclosures in Cleveland are NatCity products and whether it's time to start investing in the repo industry.

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