The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Les H who wrote (130965)	6/27/2008 1:08:08 PM
From: Jim McMannis	Read Replies (1) of 306849

Wachovia may plan to unload troubled loans The bank's hiring of Goldman Sachs to comb through the portfolio could foreshadow selling loans at a loss. charlotte.com Wachovia Corp.'s hiring of Goldman Sachs Group Inc. to analyze its loan portfolio could mean the Charlotte bank is looking to sell off troubled mortgages that have been at the root of its recent problems, analysts said Tuesday. By shedding these mortgages Wachovia could face a loss now but eliminate future risk, analysts said. The loans could be sold in bulk or packaged into securities, although that market has largely dried up in the mortgage meltdown. The bank has been besieged by mortgage losses in its $120 billion Pick-A-Payment mortgage portfolio, which was acquired in 2006 from Golden West Financial Corp. These loans allow borrowers to make a minimum payment that doesn't cover all of the interest and are concentrated in troubled California mortgage markets.

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