(Reuters) - NEW YORK, June 14 - National City Corp. , a large U.S. Midwest regional bank, on Thursday said margins from lending and selling mortgages are declining, but that it has begun resolving a dispute with an insurance carrier that had caused it to boost reserves.
The eighth-largest U.S. bank said in a U.S. Securities and Exchange Commission filing that net interest margin fell to 3.63 percent in April and May from the first quarter's 3.69 percent. National City said declines in nonconforming mortgage and home equity run-off portfolios offset growth in its core loan portfolio. Second-quarter net interest income should fall slightly from the first quarter's $1.11 billion, it said. Cleveland-based National City also said market conditions have pushed gain-on-sale margins at its National City Mortgage unit down to 0.43 percent in April and May from 0.75 percent in the first quarter.
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The eighth-largest U.S. bank said in a U.S. Securities and Exchange Commission filing that net interest margin fell to 3.63 percent in April and May from the first quarter's 3.69 percent. National City said declines in nonconforming mortgage and home equity run-off portfolios offset growth in its core loan portfolio. Second-quarter net interest income should fall slightly from the first quarter's $1.11 billion, it said. Cleveland-based National City also said market conditions have pushed gain-on-sale margins at its National City Mortgage unit down to 0.43 percent in April and May from 0.75 percent in the first quarter.
Read more at Reuters.com Bonds News
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