Ford Seen as Likely Buyer of First Nationwide Stock

First Nationwide Financial Corp. is expected to announce, perhaps as early as today, that a buyer has been found for the 81% of its stock now owned by steelmaker National Intergroup Inc.

The leading contender appears to be Ford Motor, industry sources said Wednesday. Ford Motor Credit Co., the company’s auto finance arm, was the nation’s second-largest finance company at the end of 1984. Lawyers at the companies were said to be taking an 11th-hour look at the sale papers before the the deal is announced.

A Ford spokesman refused to confirm or deny any deal. However, he said the company has stated publicly that it wants to diversify into areas related to its auto operations. In June, Ford lost a bidding contest for Hughes Aircraft to General Motors.

San Francisco-based First Nationwide is the parent company of First Nationwide Savings, among the 10 largest savings and loans in the country. The S&L; has 180 branches in four states, including 97 in California.

National Intergroup’s main subsidiary is National Steel, which bought First Nationwide five years ago because it wanted to get into financial services. It then offered a 19% interest in the S&L; to the public in 1982.

Ford Motor Credit had $24 billion in assets at the end of last year, making it the second-largest finance company after General Motors Acceptance Corp., which had $54.4 billion, according to a ranking by American Banker, an industry newspaper.

National Intergroup wants to sell its stake in First Nationwide as part of an effort to restructure its assets and satisfy major shareholders, who have been unhappy with the company’s recent performance.