Beleaguered lender National City Mortgage must pay $4.6 million in fines to HUD for falsely certifying home loans for FHA insurance under the FHA”s “late endorsement loan” provision. The provision allows direct endorsement FHA lenders to endorse loans for FHA insurance after 60 days from the closing.

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.

Besieged bank National City Corporation said Monday that it will receive a $7 billion infusion of equity capital from a consortium of investors led by private equity firm Corsair Capital.

Due to market viotilaty National City has to cut more jobs and hire an advisor to try and save themselves from their own meltdown.