Wachovia Quits Offering Risky Mortgage Loan

Date July 18, 2008

Beleaguered consumer bank Wachovia Corp. said it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest.
The choice to pay less was one of the options of Wachovia’s controversial Pick-A-Payment mortgages, which offer customers four different payment options each month. Wachovia said it will [...]

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