National City Is Under U.S. Scrutiny

[moh malekpour]

http://online.wsj.com/article/SB121271764588650947.html?mod=hps_us_whats_news

National City Corp.'s banking unit, which has been buffeted by rising bad loans, has recently entered into a "memorandum of understanding" with federal regulators, effectively putting the bank on probation.

The confidential agreement with the Office of the Comptroller of the Currency was entered into over the past month or so. It illustrates the growing regulatory pressure some financial institutions are under as they struggle to deal with fallout from the credit-market turmoil.

 

[Randolph Kinney]

Well they estimate that 300 banks might fail because the home prices keep falling and the defaults are continuing at record levels.

Just more of the Enron book keeping.

 

[Terrel L. Shields]

This is basically the Obituary being published prior to the death. Anyone who banks there and has over $100,000 in the till is a fool. This is their last chance to bail out... Head for the exits.

 

[JonGalt]

National City was once a quality, full fee paying customer. I once received 3-4 orders a week from them and they considered the quality of my work good.

Enter the AMC. I was weened off the list as the low fee competition was too tempting to use. Have received 1 order from them over the past year through their AMC - NAS. I have lowered my fees on NAS over the last 6 months to see what it would take to get an assignment. I'm at $225.00 and that is still not low enough, pretty scary.

 

[Bama Bayou]

National City was once a quality, full fee paying customer. I once received 3-4 orders a week from them and they considered the quality of my work good.

Enter the AMC. I was weened off the list as the low fee competition was too tempting to use. Have received 1 order from them over the past year through their AMC - NAS. I have lowered my fees on NAS over the last 6 months to see what it would take to get an assignment. I'm at $225.00 and that is still not low enough, pretty scary.

There appears to be a direct relationship between the lenders who wanted fast and cheap junk and those that wanted quality with reasonable time frames and fees. The fast and cheap lenders are going under or selling out at pennies on the dollar. They are being bought by the quality demanding lenders.

The market usually works to get rid of the stupid and reckless. It just takes time.

 

[Rufus]

I have lowered my fees on NAS over the last 6 months to see what it would take to get an assignment. I'm at $225.00 and that is still not low enough, pretty scary.

Interesting. We are at $325.00 and get 1 - 3 per week. On purchases, about one in four appraise below the contract price. On refinances, I don't know since they are good about not sending expectations.

I have been sending detailed analysis of the market and lengthy explanations of comp selection. I'm also one that has been including pendings and actives in my grid long before it became vogue with some lenders. I don't know if this has any impact on the number of orders, but it has increased from about one per month to its current level in the past 2 - 3 months.

 

[Financially Feasible]

Have received 1 order from them over the past year through their AMC - NAS.

Is my brain not working? NAS? Which AMC is that? I thought that I knew many/all of the national AMCs...