This One Surprises Me

I didn’t see this one coming. National City is a very conservative lender. Even back in 2005 they didn’ t offer a lot of aggressive loan programs as others did, so I am very surprised this is happening now. Wow. This really makes you wonder who will survive this liquidity crunch.

According to Marketwatch:

National City Corporation said on Monday that its National City Home Equity unit has suspended approvals of addition loans or lines of credit in response to market conditions. “This is one of a number of steps National City has taken in recent weeks to help ensure that originations are in line with existing and anticipated market conditions,” the bank said in a statement that was e-mailed to MarketWatch. “We are continuing to closely monitor the market and take the appropriate steps to best navigate market conditions.”

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