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wachovia option arm

Wachovia Borrowers Face Delays In Govt Foreclosure Program

by Moe Bedard

For many of Wachovia’s struggling mortgage borrowers, getting a loan modification with Uncle Sam’s help is still out of reach.
Richard Bell, a Pick-A-Pay mortgage borrower at Wells Fargo & Co. (WFC) unit Wachovia, says he needs a government-assisted mortgage modification before his payments balloon early next year.

“This loan is blowing up on me and I’m [...]

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WaMu: The forgotten bank failure

by Moe Bedard

“We’re still waiting to see how the Wachovia and Washington Mutual portfolios play out,” said Brian Olasov, who studies the banking industry as managing director at law firm McKenna Long & Aldridge. “We’ve got a big bulge in resets still to come.”

WaMu and Wachovia, now part of Wells Fargo (WFC, Fortune 500), helped stoke the [...]

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Wachovia Option-ARM Mortgage Losses May Force Merger

by Moe Bedard

Sept. 29 (Bloomberg) — Wachovia Corp., under increasing pressure after shares of the sixth-biggest U.S. bank by assets plunged 47 percent last week, may be forced to seek a buyer or merger partner as losses from mortgage defaults mount.

Three days after Chief Executive Officer Robert Steel told employees Wachovia was “strong and performing well,” the [...]

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