I presume most of us have heard that Wachovia has suspended their Pick-A-Pay Program.  Sort of like locking the barn door after the horse left the barn, corral, and the County. However, they also announced that they will no longer have early payment penalties and will waive the prepayment penalty on all their existing portfolio.  I guess after you lose 707 Million Dollars in the first quarter and have a 120 Billion Dollar Portfolio of this product you need to do something to make it easier for people to pay you off and reduce your potential liability.  Too bad they did not realize what their contribution was to the overall industry at lot earlier than now.

Oh well, better now than never.