No mortgages at Wachovia branches in 19 states
August 8, 2008
Wachovia Corp. will cease mortgage origination in its branches in Illinois as well as 18 other states, a spokesman confirmed Thursday.
Wachovia is the fourth largest bank. To cease offering mortgages at the retail level is serious. Their total net worth on the books is made up of goodwill in merger deals that went sour and 2 billion in Novastar obligations that are worthless.
Things are going to get worse.