Items Tagged with 'Golden West'

ARTICLES

  • Wachovia Ditches Pick-A-Pay, Will Waive Prepayment Fees on Option ARMs

    In 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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  • Sandler: Golden West Too Convenient a Scapegoat

    Wachovia Corp. [stock WB][/stock] has larger problems than its option ARM portfolio, according to Herb Sandler, the man who built Golden West Financial into a powerhouse by inventing the negative amortization mortgage. In remarks published Monday in the Wall Street Journal, Sandler says that Wachovia has much larger fish to fry than its exposure to increasingly troublesome mortgages on its portfolio.
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  • Mortgage-Related Charges Drive 98 Percent Drop in Profit at Wachovia

    Fourth quarter profit at Wachovia Corp. fell 98 percent to $51 million ($.03 per share), versus $1.6 billion one quarter earlier and $2.3 billion one year earlier, as the nation's fourth largest bank was socked by mortgage-related charges. Bloomberg reported that Wachovia's earnings missed analysts estimates badly, who had been expecting earnings of $.33 per share for the quarter.
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  • In the Crosshairs: Wachovia Corp.

    Get thee to court: Wachovia Corporation's exposure to the mortgage mess is getting plenty of attention today -- perhaps the most interesting item is a Wall Street Journal story that says that the nation's fourth-largest bank is suing Thornburg Mortgage for $5.1 million: Wachovia Corp.'s banking unit has sued Thornburg Mortgage Inc., alleging the mortgage provider hasn't returned $5.1 million from an unwound series of derivatives transactions.
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  • Wachovia Rising

    Bloomberg reports that Wachovia's profits jumped 33 percent in the first quarter, due largely to the effects of its Golden West merger.
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  • Wachovia Profits Surge 35 Percent on Golden West Acquisition

    Shunning any effects of a difficult residential mortgage environment, Wachovia Corp. today reported net income of $2.30 billion during the fourth quarter of 2006, compared with $1.71 billion during the fourth quarter of 2005. The nation's fourth largest bank saw its mortgage holdings more than double during the fourth quarter of 2006, as it completed its acquisition of Calif.-based Golden West Financial. Wachovia purchased Golden West in May 2006 for $25.5 billion.
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