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July 25, 2008
Wachovia to Stop Buying Loans From Mortgage Brokers
Beginning on July 25, Wachovia Corp. will no longer approve mortgages made by mortgage brokers--which, along with other third parties, accounted for 40 percent of the bank's loan volume last year. The company announced the change as part of its plans to recover from losses sustained by Golden West Financial Corp., which it acquired for $24 billion in 2006.
Posted by S. Germain at July 25, 2008 07:54 AM