Investors are continuing talks with PNC Financial Services regarding the future of the old National City warehouse lending group. Those talks have been ongoing for several weeks, sources told us, and there is a new optimism that a deal might actually happen. Meanwhile, the NatCity warehouse group continues to provide credit to its nonbank mortgage customers but is not expanding current lines. Up until recently, it appeared that PNC was just going to let the business wither but as one observer put it, "How can you let a business that is bringing in $30 million a year shrivel up? Try explaining that to PNC's board. I'm sure they'd be very interested." Stay tuned...
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