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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (64679)	6/28/2006 2:38:43 AM
From: shades	Read Replies (2) \| Respond to of 110194

Wachovia Sells Mortgage Servicing Unit to Barclays (so they buy 150 billion from golden west for for 25.5 billion and sell 43 billion of homeEQ for 469 million - how do you stay in business like that? Or am I missing something again?) banknet360.com Posted By: Stephen Bernard Jun 23 2006 05:04:51 PDT Email News Print Version Wachovia Corp. yesterday jettisoned one of the last remaining remants of The Money Store Inc., selling the unit created to service the loans of the failed company to Barclays Bank Plc for $469 million. HomEq Servicing Corp., based in Sacramento, Calif., has a servicing portfolio of $43 billion and has 1,300 employees. Barclays plans on increasing the size of the operation, according to a spokesman. The Money Store was purchased in 1998 by then First Union Corp. for $2 billion. Two years later, First Union wrote off the subprime lender, incurring a $2.8 billion charge. Wachovia will continue to service its prime mortgages.