National City drops pants for $7 billion in liquidity

National City took on $7 billion in additional capital at a 40% discount to market price, sending shares tumbling as the beleagured bank looks to shake off bad mortgage bets and make it through the crisis. National City was reportedly looking to sell itself and has now turned to opportunistic Corsair Capital. It's interesting to see these banks eviscerated by these capital infusions. Talk about hard money. When a borrower doesn't have FICO scores above 500 but still needed financing there is hard money which is based on equity rather than credit. The fees are typically exorbitant and the interest rate will make you blush; but at least the financing was available. Many people called hard money lenders "loan sharks" and other pejoratives. I got to tell you - those guys ain't got not