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National City, a membero my Doo-Doo 32 list , just entered into a memorandum of understanding with the Office of the Comptroller of Currency. Thus far, roughly one bank per week off of that list has hit the confessional hard.

From the WSJ:

National City Corp.'s banking unit, which has been buffeted by rising bad loans, has recently entered into a "memorandum of understanding" with federal regulators, effectively putting the bank on probation...

Under such agreements, which are entered into privately and aren't publicly disclosed, banks are given an opportunity to work with federal regulators to address serious financial problems ...

I have what some may consider a mind blowing update to the Doo-Doo 32 list and the asset securitization crisis - the Fed just can't help the sick banks. I'll try to post it sometime today.