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triciae_gw

Daily Mortgage Drama...National City

triciae
14 years ago

Under heavy pressure this morning on the NYSE, National City's trading has been halted amidst rumors of a bank run.

National City issued a statement about ten minutes ago stating they were NOT experiencing any "unusual" activity & that they were adequately liquid.

Man, people are getting skittish.

This morning's short-covering rally in the GSEs fizzled rather quickly & the financials are having another tough day.

Anyway, if you've got a mortgage application in the pipeline at National City...the official word from the company is that everything is wonderful; but the Street, apparently, doesn't believe them?

Stay tuned for pictures at 11:00 p.m.! :)

/tricia

PS Just checked NCC (National City) & trading has resumed after the company's announcement. Currently, it's -1.28 @ 3.14. The Bid/Ask suggests further pressure.

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