PNC Financial Services, which has limited participation in the mortgage business, may be wading back into the game with its purchase of National City Corp.

But don't bet on PNC using the National City platform to expand its mortgage presence much. In a conference call, PNC executives said they expect to see high cumulative losses on National City's mortgage and home equity portfolios, suggesting that PNC will exit "low return asset classes" and instill a "moderate risk culture" at the combined firm.

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