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National City Cutting Back

It will slice 1,300 jobs in the latest mortgage industry firing spree.

National City


is slashing 1,300 jobs in the latest round of mortgage industry cutbacks.

The Cleveland-based bank will take a pretax charge of $200 million to fire workers and write down the value of mortgage securities.

The news comes as



raises the number of jobs it will cut in a mortgage-business consolidation to 2,000 from last month's 1,200.

Other lenders including giant



have also been cutting jobs with abandon as the market for mortgage-backed securities has collapsed under the weight of rising defaults and delinquencies.