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Wachovia Ceasing Wholesale - Drawing In Tenticles
Wachovia has decided they only want to do mortgage business with people who have an existing banking relationship with them. Starting to smell a bit like IndyMac in here? The announcement wasn't really a surprise since it has been hinted at several times over the last few weeks. It's just always nice to get a really personal, ahem, email that your Account Executive is now looking for a job just like the rest of us. And I cut and paste ... "As you know, the mortgage industry is experiencing a very challenging market environment. Declining housing values, increased foreclosures, disappearing mortgage lenders, and a struggling secondary market are all symptoms of this market turmoil. Wachovia Mortgage has evaluated its business model and decided to reposition its mortgage business. Going forward, we will primarily focus on customers who have relationships with the bank, and who are located in geographies where Wachovia branches are located." I've been called a "stoned monkey", an "idiot", a "marble brain" and a few other words on a couple of other blogs because I've been predicting this for MONTHS (not just Wachovia but bank withdrawal and collapse). I haven't published too much of it here on AR because ... more

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