National City Stops Home Equity Lending
This entry was posted on 8/10/2007 11:02 AM and is filed under Home Equity Loans.
National City Corp, a
large U.S. midwest regional bank, said on Monday its National
City Home Equity unit has temporarily suspended offering new
home equity loans and lines of credit, citing tighter mortgage
market conditions.
"We have taken a number of steps to help insure that our
originations are in line with existing and anticipated market
conditions," said Kristen Baird Adams, a National City
spokeswoman. "We're certainly continuing to closely monitor the
market, and will take appropriate steps."
Loans in the pipeline at National City Home Equity are
"being looked at," she said.
The unit is separate from Cleveland-based National City's
main mortgage unit, which has also taken steps to limit product
offerings, Adams said.
