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Mortgage & Housing Market News from HSH.com
July 2nd, 2008

Wachovia to the Rescue

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The Senate and Congress have debated over a housing rescue bill, designed to help businesses and homeowners who have been affected by the housing crisis, for months now. With each set of lawmakers passing their own versions and amendments to the bill, and the president’s threat of veto hanging overhead, the purported rescue has gone nowhere.

Wachovia, on the other hand, issued a press release this week outlining the bank’s current initiatives designed to help keep their customers out of foreclosure and in their homes.

The bank has eliminated all prepayment fees for its Pick-A-Pay mortgages. Pick-A-Pay is a type of Adjustable Rate Mortgage which allows borrowers to select among four options (minimum payment, interest only, 30-year fully amortizing, and 15-year fully amortizing) for their monthly payment.

Wachovia announced they will no longer offer products that include payment options that cause negative amortization. Within the last year, Wachovia says they have assisted 18,000 homeowners in making affordable payments that prevent foreclosure.

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2 Responses to “Wachovia to the Rescue”

  1. Hattie Jackson Magee Says: March 17th, 2010 at 1:46 am

    I ahve a loan with Wachovia and SLS and I ahve been begging for them to restructure my Negative Arm Option loan to affordable and now is foreclosure with auction date 3/18/10. please help

  2. Tim Manni Says: March 17th, 2010 at 2:01 pm

    Hattie,

    Sorry to hear about your housing trouble, but I’m not sure what I can tell you that will delay or stop the auction that’s scheduled for tomorrow.

    Again, we’re sorry to hear about the auction,
    Tim

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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