Pick-A-Pay Part II - 04/15/08 11:50 AM
And the other shoe drops. Wachovia has just reported a $393 million first quarter loss, and plans to cut 500 jobs. Much of the loss is attributed to Wachovia's expansion into the mortgage industry, just as this sector was about to collapse. I reported on Wachovia's ill-timed acquisition of Golden West Financial and its flagship Pick-A-Payment loan product over the weekend.The Pick-A-Pay loans were portfolio loans for Wachovia, meaning that the lender kept these loans in house instead of selling them to outside investors. Wachovia received the benefit of the higher interest rates on these loans, but also had all of … (0 comments)

Wachovia Reigns in Pick-A-Pay? - 04/12/08 08:24 AM
When I saw the television ad for Wachovia's Pick-a-Payment mortgage, my jaw hit the floor. I saw the commercial at least a month ago, but couldn't formulate a coherent blog entry until now - I was that irritated.In the midst of the fallout over shoddy lending practices, Wachovia chose to push THIS? For those who have never encountered a pick-a-pay loan, let me explain. The real name for this loan is an option ARM. Each month, the borrower gets four payment options: 1) Pay the fully amortizing principal and interest payment (basically as if you were paying on a 30 year … (4 comments)

Durham, NC Market Report - 04/07/08 02:47 PM
The Triangle Multiple Listing Service has published the newest market stats, based on MLS activity. If you don't want to read the fine details, I'll summarize: there isn't much good news here.Still with me? OK, let's dive in...Durham is feeling the effects of the housing downturn, as is the rest of the Triangle. The downtrend is now hitting segments of the market that we hoped would not be affected.
February Home SalesSales in February were down almost 27% compared with February 2007. That puts Durham in the worst position of the major Triangle counties:
Durham County               -26.7%Johnston County              -3.2%Orange County                -16.7%Wake County                  -15.6%
Breaking sales down … (2 comments)

 

Tamara Heyward

Durham, NC

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