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Published on Friday, Sep 05, 2008
Bloomberg News
National City Corp., Ohio's largest bank, will let some customers close their untapped home-equity lines of credit, without penalty, to reduce liabilities on its balance sheet.
The lender ''provided customers the opportunity to close the line without incurring the early termination fee,'' said spokeswoman Kelly Wagner Amen said. The lender will reward customers, reportedly with $200, if they accept the offer.
National City, forced to raise $7 billion after its Florida expansion was hurt by the collapsing housing market, is seeking to remove bad house, construction and home-equity loans from its balance sheet, and Chief Executive Peter Raskind said in May the new capital would help.
The offer ''aligns with our ongoing managing of the home-equity loan portfolios,'' Wagner Amen said. ''By offering customers the option of closing lines that aren't being used, we can reallocate resources.''
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