Origination/Lending
Wachovia Halts Alt-A Fundings
By
PAUL JACKSON
August 3, 2007 3:31 PM CST
Looks like I should have started a list today of all the companies that have decided to stop funding loans - the latest is Wachovia, which has halted Alt-A fundings:
Wachovia Corp., the fourth-largest U.S. bank, on Friday said its Vertice lending unit has temporarily stopped making “Alt-A” home loans, a day after the company stopped making such loans through brokers. Vertice was a brand created in March for the combined entities of American Mortgage Network and Wachovia Mortgage Third Party Lending. A spokesman said Vertice will monitor market conditions and reintroduce products as conditions become more favorable.
Wachovia stopped making Alt-A loans through all brokers on Thursday, the spokesman said.
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