NatCity Exits All 'Broker-Based' Lending

National City Corp., Cleveland, said Wednesday that it will exit all "broker-based" mortgage lending and will shut down its wholesale unit, resulting in layoffs of 900 workers.The company also said it will not fund any mortgage unless it is "agency eligible." According to the Quarterly Data Report, NCC's National City Mortgage division ranked 10th among residential wholesalers in the third quarter. It will remain a residential lender, but only through the retail channel. The bank announced companywide layoffs of 1,700. National City chief executive officer Peter Raskind said, "[I]t is clear that origination volumes will be lower going forward, and we are configuring our mortgage business to operate profitably in that environment." The bank also issued $500 million in hybrid capital securities in a move to bolster liquidity. The company can be found on the Web at http://www.nationalcity.com.