National City up for sale?
Posted: Fri Mar 14, 2008 8:20 am
http://dailybriefing.blogs.fortune.cnn. ... the-block/
[quote]Wall Street will be watching National City (NCC) Friday. The Cleveland-based bank is looking for a buyer, The Wall Street Journal reports, but may be finding it tough to draw interest amid worries about declining home prices and rising loan losses. National City’s fix shows how the pain of the housing bust is being felt even by lenders that didn’t help fuel the boom in hot coastal markets earlier this decade. The Journal mentions in-state rivals KeyCorp (KEY) and Fifth Third (FITB) as possible buyers, but adds that strained balance sheets could make U.S. banks leery of taking on more obligations as the economy slows. Adding to worries at National City, Moody’s downgraded the bank’s debt rating Thursday afternoon, Bloomberg reports. Moody’s said the bank’s “sizable exposureâ€
[quote]Wall Street will be watching National City (NCC) Friday. The Cleveland-based bank is looking for a buyer, The Wall Street Journal reports, but may be finding it tough to draw interest amid worries about declining home prices and rising loan losses. National City’s fix shows how the pain of the housing bust is being felt even by lenders that didn’t help fuel the boom in hot coastal markets earlier this decade. The Journal mentions in-state rivals KeyCorp (KEY) and Fifth Third (FITB) as possible buyers, but adds that strained balance sheets could make U.S. banks leery of taking on more obligations as the economy slows. Adding to worries at National City, Moody’s downgraded the bank’s debt rating Thursday afternoon, Bloomberg reports. Moody’s said the bank’s “sizable exposureâ€