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SUNDAY, NOVEMBER 8, 2009
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PREMIUM NEWS ARCHIVE

Report: More ARM Hits for Wachovia.(Market Monitor)(adjustable-rate mortgage)(Brief article)

Article from: American Banker Article date: September 2, 2008

Byline: National Mortgage News

Wachovia Corp., the nation's largest payment option adjustable-rate mortgage investor, is treating its roughly $122 billion portfolio like a "distressed asset" and will take more hits on the loans, according to a report Sandler O'Neill & Partners LP issued Friday.

The Charlotte company is trying to refinance some of its customers into Federal Housing Administration loans, the report said.

Wachovia inherited much of its option ARM exposure when it bought Golden West Financial Corp. two ...

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