National City Introduces New Structured Products Group Within The Capital Markets Division

CLEVELAND, Jan. 25 /PRNewswire-FirstCall/ -- National City Corporation today announced the formation of a new Structured Products Group within the Capitals Markets Division.

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Two seasoned securitization specialists have been hired to lead the new unit. Timothy J. Yanoti joins National City as senior managing director and head of the Structured Products Group. Peter J. McCarthy will be senior managing director and head of the Mortgage Capital Markets Group, within the Structured Products Group. The new unit will be located in the New York City area.

"Tim and Peter bring many years of asset securitization expertise in a wide variety of asset classes to National City, and we are delighted to have them join our team," said Richard B. Payne Jr., executive vice president and head of the Capital Markets Division at National City. "Through National City Mortgage Company, First Franklin and National City Home Equity, we originate over $100 billion of mortgage product annually, most of which is sold into the capital markets. Tim and Peter will work closely with our National Consumer Finance team in leveraging National City's strong Wall Street relationships to provide a continuing capital markets solution for our mortgage origination platform."

John D. Gellhausen, executive vice president and head of National City's National Consumer Finance Division added, "As our mortgage origination efforts have grown over the last few years, we identified a need to have a strong in- house securitization team. Many of our origination competitors have this capability, and it makes sense for National City to operate one as well. Tim, Peter and the team they will build over the next few months will give us this in-house capability and complement our good relationships on Wall Street."

Mr. Yanoti has more than 15 years of experience in asset securitization. Most recently he was in charge of Global Securitization at General Electric Capital and oversaw the securitization activities of a wide variety of asset classes including residential and commercial mortgages, corporate loans, equipment leases and commercial aircraft receivables.

Mr. McCarthy also has more than 15 years experience in asset securitization. Most recently he was head of Mortgage Trading and Sales at GMAC Residential Funding Corporation where he oversaw the purchase and securitization of prime and sub prime residential mortgages.

About National City

National City Corporation , headquartered in Cleveland, Ohio, is one of the nation's largest financial holding companies. The company operates through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri and Pennsylvania, and also serves customers in selected markets nationally. Its core businesses include commercial and retail banking, mortgage financing and servicing, consumer finance and asset management. For more information about National City, visit the company's Web site at NationalCity.com.

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