Bad Credit Mortgage Illinois

National City profit falls, tops views

NEW YORK (Reuters) - National City Corp. (NCC.N), a large Midwest U.S. bank, on Tuesday said second-quarter profit fell 24 percent because of hedging losses from mortgages.

The No. 8 U.S. bank said excluding the hedging results, profit rose from a year earlier, topping Wall Street forecasts, though bad loans more than doubled.

Net income for the Cleveland-based company fell to $473 million, or 77 cents per share, from $625 million, or 97 cents a share, a year earlier.

Analysts polled by Reuters Estimates, on average, looked for a profit of 73 cents per share.

Results included $115 million of losses from mortgage servicing rights, compared with a year-earlier gain of $157 million.

Chief Executive David Daberko said that excluding mortgage servicing, results benefited from "strong operating performance in our retail, small business and corporate banking units."

National City is one of the largest U.S.

American Home Mortgage Announces Second Quarter Results

MELVILLE, N.Y., July 26 /PRNewswire-FirstCall/ -- American Home Mortgage Investment Corp. AHM announced today results for the quarter ended June 30, 2006.

Michael Strauss, American Home's Chief Executive Officer, commented, "The second quarter of 2006 was highly successful for our company. During the quarter, our portfolio net interest income reached a record $33.9 million, while our production business experienced record originations, record market share, a strong gain on sale margin and improved warehouse income. During the quarter, we continued to execute our strategy of retaining a portion of our loan production for our investment portfolio, by adding $1.2 billion of loans to our portfolio at quarter-end. These loans are carried at cost, and are expected to enhance our future portfolio earnings.

Rates rise set to impact hip pocket

KERRY O'BRIEN: Welcome to the program. Not too many people were expecting the Reserve Bank to sit on its collective hands today and indeed, interest rates went up by a quarter of a percentage point to 6 per cent, the highest cash rate in six years with variable mortgage rates about to go up to 7.8 per cent. The decision was really a foregone conclusion once inflation numbers came out last week, showing that prices - even not counting the high price of oil - are sitting at the very top end of the Reserve Bank's target zone. With debt levels for Australians running at an all-time high and many people feeling the pinch at the petrol bowser, predictions that interest rates could rise again before the year is out will send a chill down many spines. Shortly, I'll be talking with the Prime Minister about his pledge at the last election to keep interest rates low.

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