Fitch Ratings has affirmed the long-term issuer default rating and short-term rating of National City Corp., Cleveland, in large part because of the sale of First Franklin at the end of last year.It continued the Stable rating outlook of the bank holding company as well. Fitch said the affirmations reflect NCC's "successful navigation of the volatile mortgage market" and the eventual wind-down of its subprime mortgage portfolio. "While the mortgage banking business has slowed substantially, NCC is a diversified company, and other aspects of the organization have helped to fill the void from mortgage banking," the rating agency said. Fitch can be found on the Web at http://www.fitchratings.com.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
April 19 -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
April 19 -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
April 19 -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
April 19 -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
April 19 -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18