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Wachovia Mortgage Pullback May Signal Opportunity for California CUs

CHARLOTTE, N.C. -- Wachovia Bank here has said that it will announce by month's end whether it will remove option ARMs from its mortgage offerings available in California.

By Staff Writer | Updated on April 07, 2008

CHARLOTTE, N.C. — Wachovia Bank here has said that it will announce by month’s end whether it will remove option ARMs from its mortgage offerings available in California. Wachovia may decide to halt granting the loans, which allow borrowers to select the monthly payment they make per month, as other banks have, given the high number of foreclosures in regions east of Los Angeles like the Inland Empire and Central Valley. The San Francisco Bay Area county of Contra Costa may also be impacted.

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