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Ghost of First Franklin Helps Swing National City to Q4 Loss 

Jan 22, 2008By

National City Corporation may have sold off its subprime mortgage unit, First Franklin Financial, but the lingering effects of First Franklin’s loan portfolio — as well as weaknesses in home equity loans — are proving costly for the Ohio-based bank. National City posted a quarterly loss of $333 million on Tuesday, or $.53 per diluted share, citing mortgage-related concerns. The Q4 loss compares to net income of $842 million, or $1.36 per share, one year earlier.

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Updated 10 months ago