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Friday, Feb 3, 2023
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National City Mortgage Closing San Diego Office

National City Mortgage, a unit of Cleveland-based National City Corp., said Feb. 27 it is closing its San Diego office and laying off 50 employees after the company decided to exit the wholesale lending arena.

“Like any mortgage company we’re managing against the current market conditions and what we anticipate is future market conditions so we’re shutting down this part of our business,” said spokesman Chris Kemper.

National City will continue to make home loans, just not through independent mortgage brokers, Kemper says.

The company maintains 230 retail mortgage branches and 1,400 retail bank branches. National City Corp. has more than $150 billion in assets, and some 30,000 employees, with a presence in nine states, primarily in the Midwest.

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For its 2007 fourth quarter, the company reported a net loss of $333 million, caused mainly by having to boost its reserve balance by nearly $700 million because of escalating problem loans.

, Mike Allen

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