Wachovia Halts Alt-A Fundings
by PAUL JACKSON
Friday, August 3rd, 2007, 3:31 pm
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.
Origination/Lending

Mortgage volumes in 2010 will not reach the same levels as 2009 as the slide toward the collapse-curve bottom continues,...
Secondary Markets/Investors

Mortgage technology and performance data provider Lender Processing Services (LPS: 37.37 -3.81%) posted $74.9m – or $0.77 per share –...
Servicing/Default

Edolphus Towns (D-NY), chairman of the House Committee on Oversight and Government Reform, this month began an investigation of the...










