Report: Wachovia halting some loans in Inland Empire, Central Valley
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Central Valley, Inland Empire, pick a payment, wachovia April 2nd, 2008Wachovia Corp. is halting Pick-A-Payment mortgage loans in the Central Valley and Inland Empire, according to a report in The Charlotte Observer.
In the 17 counties in the two regions, Wachovia will cease to offer mortgages to keep in its own portfolio, which would be the Pick-A-Payment loans, but will still offer loans that can be sold to investors, the report says.
According to the report, the move will not affect current mortgage owners.
The Pick-A-Payment program offers customers four different payment options each month. The product came over with Wachovia’s (NYSE: WB) purchase of Oakland-based Golden West Financial Corp., the report said.
The report said that about 60 percent of the Pick-A-Payment mortgages are in California, and while those mortgages have a higher delinquency rate, especially in the two areas in question, the overall Pick-A-Payment portfolio remains profitable.
Los Angeles Business from bizjournals
Tags: Central Valley, Inland Empire, pick a payment, wachovia
