Another One Bites the Dust: Wachovia Shuts Mortgage Unit

July 22nd, 2008

The Associated Press is reporting today that Wachovia Bank, the nation’s fourth largest bank in terms of assets, will be shutting down it’s mortgage lending division.

“Wachovia Corp. lost $8.86 billion in the second quarter, and said Tuesday it was slashing its dividend and cutting 6,350 jobs after losses tied to mortgages soared.” In addition, “late Monday, Wachovia announced plans to leave the wholesale mortgage lending business. And beginning Friday, the company will no longer offer mortgages through brokers, joining other lenders making similar moves to exit the troubled sector.”

Any guesses on who is next?

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Another One Bites the Dust: Wachovia Shuts Mortgage Unit

Posted in Housing Bubble, Mortgages, Real Estate News, Uncategorized, bank failure, foreclosure, lender,