Wachovia's latest news

Hello everyone, below is a copy from Cnn financial news regarding Wachovia. I wanted to share it becuase even in the market we are currently experiencing the proof of this article is reflected locally by the success of my office and most importantly by the success of myself. Our in house portfolio lending has allowed us to retain the agents we work with and the new ones we are constantly getting because we can close so fast and flawlessly. Im so proud of it, thats why we are number 1 six years in a row with Jd. Powers and associates for customer service. READ THIS!!!! (the link is on the bottom) Wachovia sees mortgage business growing CEO G. Kennedy Thompson says that industry shakeout is leading to a much higher origination volume for the bank. Wachovia is grabbing more mortgage business as a result of the recent shakeout in the industry, Chief Executive G. Kennedy Thompson said Monday. Five of the top 40 mortgage lenders, responsible for more than 9 percent of last year's mortgage production, have gone out of business, according to Thompson. Other major mortgage companies, such as Washington Mutual and Countrywide have scaled back their operations. By contrast, Charlotte, N.C.-based Wachovia, which last year dramatically expanded its mortgage business by acquiring Golden West Financial, has been expanding. In the first two months of the third quarter, the company's outstanding mortgage loans have shot up about $1.2 billion, said Thompson, who was speaking at a financial-services conference. "This marks a change from what we've seen over the past two years in the mortgage market," he said. Thompson said the profitability of the mortgage business is also improving as rivals that were offering newfangled products at discounted rates either close up shop or slim down their product offerings. That is helping to fatten profit margins in the industry. Although rivals are warning that tumbling home prices nationwide will hurt their mortgage businesses, Thompson said Wachovia will do well in the current climate. He said the company's mortgage loans have been prudently underwritten and won't suffer from a spike in defaults. "We think we are well-positioned with our model to do extremely well in this environment," Thompson said. http://money.cnn.com/2007/09/10/news/companies/wachovia.ap/index.htm?postversion=2007091017