Tuesday, July 22, 2008

The nation’s fourth-largest bank will no longer offer mortgages through brokers starting July 25.

Wachovia to exit wholesale mortgage business

could this be the next bank to go down????? Wachovia didn't disclose how many jobs will be cut as a result of the change. More details are expected Tuesday when the Charlotte, N.C.-based bank releases its second-quarter earnings.

Posted by mark @ 10:08 AM (716 views)
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3 thoughts on “The nation’s fourth-largest bank will no longer offer mortgages through brokers starting July 25.

  • tyrellcorporation says:

    IMO this is highly significant. The credit crunch is often seen by bulls as largely a problem that is passing. Announcements like these prove the complete opposite.

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  • Whostolemyendowment says:

    Wachovia Mortgage is now listed as #267 on the Implode-meter http://ml-implode.com/ & interesting write up on http://ml-implode.com/imploded/lender_WachoviaMortgage,FSB-Wholesale_2008-07-21.html

    It will get to the point {if not reached already} that even if you want and can afford a mortgage – there will be non on offer…..

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  • beartil2010 says:

    TC I agree – I am surprised there are not more comments. A bank of this size afraid to remain in a market in which they should be able to manage risks and get a decent return – and with a 10:1 fractional reserve ratio, any deposits of more than 10% actually give them extra depositor money to help their balance sheet!

    If banks can’t even stomach that in America then it could be getting ‘a lot more serious’ – wonder how often we’re going to hear that over the next 2 years…

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