National City Home Equity Clarifies Decision Regarding Loan Applications

  

CLEVELAND, Aug. 6 /PRNewswire-FirstCall/ -- National City Home Equity(NHE), the broker based wholesale home equity lending unit of National CityCorporation's (NYSE: NCC) subsidiary, National City Bank, today issued thefollowing statement regarding a decision to suspend NHE approvals of newapplications for new home equity loans and lines of credit: (Logo: http://www.newscom.com/cgi-bin/prnh/20030428/NATIONALCITYLOGO ) "In response to market conditions, NHE has suspended approvals of newhome equity loans and lines of credit. The move by NHE does not impactNational City's Retail Bank, which continues to offer home mortgage andequity lines and loans directly to customers through its 1,300 branchnetwork in eight states. "The suspension of NHE's approval of new home equity loans and lines isone of a number of steps National City has taken in recent weeks to helpensure that mortgage origination strategies are in line with existing andanticipated market conditions. The company continues to closely monitor themarket and take the appropriate steps to respond to changing conditions."

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