National City Corp., Cleveland, lost $1.8 billion ($2.45 per share) in the second quarter, driven by a $1.6 billion loss provision related to broker-originated home equity, subprime mortgage, and construction loans to individuals. Chairman and chief executive Peter Raskind said National City Bank has made priorities of strengthening its balance sheet and mitigating losses in the "liquidating portfolio" of mortgage loans from discontinued channels now that a $7 billion capital raise has been completed. "We are confident that we have more than sufficient capital to ride out turbulent credit markets," he said. The company can be found on the Web at http://www.nationalcity.com.
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