Wachovia Halts Alt-A Fundings
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.