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NatCity Takes MSR Hedge Loss.(National City Corp.)(Brief article)
CLEVELAND -- National City Corp. here took a $115 million hit in the second quarter due to hedging losses on its residential servicing portfolio.
The company - which is contemplating exiting the subprime business - has taken $243 million in servicing-related hedging losses so far this year.
The entire bank, overall, earned $473 million in the quarter but its "A" paper mortgage unit lost $52 million. Its residential subprime business, though, had a strong second quarter, posting a $148 million profit. (Its net mortgage profit for the quarter was $96 million.)
One analyst, requesting anonymity, said it seems "odd" that the bank is exiting the subprime business when it appears to be so profitable.
Moreover, Sandler O'Neill increased its earnings estimates for the bank, citing "better than expected" results from First Franklin Financial Corp., the ...
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National City Corp. National City Corp. reported earnings were $65 million for the third quarter...margins," said Edward B. Brandon, CEO and chairman of National City Corp. in a release. "We also felt it prudent to add modestly...
Source: HighBeam Research, NatCity Takes MSR Hedge Loss.(National City Corp.)(Brief article)