National City Corporation may put First Franklin up for saleMortgagePress.comFirst Franklin Financial Corporation, National City
National City Corporation may put its sub-prime division, First
Franklin Financial Corporation, up for sale, likely due to a
dramatic decline in loan production in the first quarter of 2006
reported by Quarterly Data Report. It is also considering divesting
itself of sub-prime servicing division National City Home Loan
Services and direct-to-consumer lending subsidiary
A bank spokesman stated that National City is not committed to
selling any of the three units if it finds offers made by potential
buyers unsatisfactory. National City's prime mortgage division,
National City Mortgage, is not being considered for sale.
National City Corporation is a bank based in Cleveland. For more
information, call (888) 622-4932 or visit www.nationalcity.com.