CHARLOTTE, N.C., June 30 /PRNewswire-FirstCall/ -- Wachovia Corp. today
announced it is taking a number of actions to help its mortgage customers
deal with a challenging economy and declining home values.
Effectively immediately, Wachovia is waiving all prepayment fees
associated with its Pick-A-Pay mortgage to allow customers complete
flexibility in their home financing decisions. This includes all Pick-A-Pay
mortgages on 1-4 unit residences.
Additionally, for all new loan originations, Wachovia is discontinuing
offering products that include payment options resulting in negative
amortization.
Wachovia continues to be actively engaged in assisting customers
through a number of programs to provide mortgage relief to help them avoid
foreclosure. Over the past 12 months, Wachovia has worked with
approximately 18,000 homeowners to help them stay in their homes and make
payments that are more manageable under their current circumstances.
"Wachovia is committed to serving our customers and ensuring they not
only have the right product to meet their needs, but also the resources
available to help them during these challenging times," said David Pope,
president of Wachovia Mortgage. "Proactively waiving prepayment fees for
our Pick-A-Payment mortgage products gives our customers the freedom to
manage their current financial situation more effectively."
Wachovia will continue to offer a variety of portfolio, marketable and
government products through Wachovia Mortgage employees, third party
brokers and via telephone and the Internet in order to accommodate customer
needs.
"This move is consistent with our long tradition and steadfast
commitment to listening to our customers," said Tim Wilson, head of Loan
Origination for Wachovia Mortgage. "Wachovia continues to provide them with
a variety of products to meet their needs in varying economic conditions."
About Wachovia
Wachovia Corporation (NYSE: WB) is one of the nation's largest
diversified financial services companies, with assets of $808.9 billion and
market capitalization of $53.8 billion at March 31, 2008. Wachovia provides
a broad range of retail banking and brokerage, asset and wealth management,
and corporate and investment banking products and services to customers
through 3,300 retail financial centers in 21 states from Connecticut to
Florida and west to Texas and California, and nationwide retail brokerage,
mortgage lending and auto finance businesses. Globally, clients are served
in selected corporate and institutional sectors and through more than 40
international offices. Our retail brokerage operations under the Wachovia
Securities brand name manage more than $1.1 trillion in client assets
through 18,600 registered representatives in 1,500 offices nationwide.
Online banking is available at wachovia.com; online brokerage products and
services at wachoviasec.com; and investment products and services at
evergreeninvestments.com.
SOURCE Wachovia Corporation
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Related links:
http://www.wachovia.com/
CONTACT:
Media, Don Vecchiarello, +1-704-383-2395, or
Investors, Alice Lehman, +1-704-374-4139, or Ellen Taylor,
+1-212-214-1904, all of Wachovia Corporation
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