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Wachovia Ditches Pick-A-Pay, Will Waive Prepayment Fees on Option ARMs
Jun 30, 2008In a nod to increasing investor and credit rating agency concern over mushrooming exposure to its now-infamous Pick-A-Pay mortgages, Wachovia Corp. [stock WB][/stock] said on Monday afternoon that it would no longer offer negatively amortizing mortgages to customers. So-called option ARMs were originated in force during the recent housing boom, and have recently led to large losses for the banks involved in making them.
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Home Prices Continue Downward Slide in April
Jun 24, 2008 -
BofA Sees Higher Losses on Home Equity Loans: Report
May 13, 2008 -
Asking Prices Stage Rebound in Key Housing Markets
May 12, 2008 -
Wachovia to Get $7 Billion Infusion: Report
Apr 13, 2008 -
A Needle in a Haystack: Where’s the Good News on Housing?
Apr 04, 2008 -
Wachovia Looking to Pull Back on Option ARMs: Report
Apr 03, 2008 -
Bank of America Sees Fourth Quarter Profit Plunge 95 Percent
Jan 22, 2008 -
Prices Fall in 16 of 20 Major Housing Markets
Jan 10, 2008 -
Is Wachovia’s CMBS Exposure a Problem?
Dec 31, 2007 -
Home Prices Drop Most in Over Two Decades During Third Quarter
Nov 27, 2007
