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To: Midwest_Investor who wrote (39152)9/29/2008 9:14:23 AM
From: Boca_PETE  Respond to of 42834
 
Citigroup to buy Wachovia banking operations

biz.yahoo.com

Its current problems stem largely from its acquisition of mortgage lender Golden West Financial Corp. in 2006 for roughly $25 billion at the height of the nation's housing boom. With that purchase, Wachovia inherited a deteriorating $122 billion portfolio of Pick-A-Payment loans, Golden West's specialty, which let borrowers skip some payments.