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NatCity May Sell B&C Servicing Unit.(Brief article)
CLEVELAND -- National City Corp., here may sell its subprime servicing division, which ranks 12th nationwide in B&C housing receivables.
As Mortgage Servicing News went to press, the bank had just announced that it was weighing "strategic alternatives" for First Franklin Financial Corp., San Jose, Calif., and National City Home Loan Services, Pittsburgh, as well as a direct-to-consumer division called NationsPoint.
"Strategic alternatives" is a euphemism for a sale. At the end of March NCHLS had $39.9 billion in subprime receivables. (FFFC is the production arm of the company.)
In a statement NatCity revealed its intentions regarding the subprime units, but did not address the future ...
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