by Calculated Risk on 7/24/2008 05:39:00 PM

From MarketWatch: National City swings to loss, but shares rise

[T]he company reported a second-quarter loss of $1.76 billion ... "Credit quality deteriorated, but there are some signs of stabilization in the nonprime mortgage book," wrote BMO Capital Markets analyst Lana Chan

From the NY Times: Stocks Drop Sharply; Banks Lead Decline

Financial shares ... plunged after the regional bank National City and Washington Mutual, the nation’s biggest savings and loan, were besieged by gloomy analyst reports.

WaMu was forced to take the unusual step of issuing a public statement about its financial strength, for the second time in a week.

National City shares ... reported a $1.8 billion loss for the second quarter.

Sorry - a little late, I'm somewhat out of touch while at the real estate conference in San Francisco. Having a great time ... I've met several people that comment frequently, including having lunch today with Nemo!