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CNBC's David Faber confirmed Tuesday last month's Wall Street Journal report that mortgage lender National City Corp. has put itself on the Auction Block. Faber said the Cleveland bank has hired Goldman Sachs Group Inc. as its strategic adviser and is reviewing all its options including a sale. Faber posed the obvious observations concerning troubled National City. He said that "it's not selling from a position of strength" and pointed out the following obvious weaknesses that would hamper price:
Who would be interested in the bank? Last month, a Dealscape post cited a San Francisco Business Times report that Wells Fargo & Co. might want to pick up National City. If the mortgage lender sells itself, it would join the 100 or so mortgage companies that have stopped lending or sold themselves since the start of 2007, according to data compiled by Bloomberg. - Gerald Magpily See CNBC video of Faber Report Categories Deal Video
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