Apparently Citi Group is buying them.
Apparently Citi Group is buying them.
Link? I see Wells Fargo everywhere.
Think I’ll package up all my old Wachovia Championship gear and put it on eBay.
“Wachovia Corporation will remain a public company with two main operating subsidiaries: Wachovia Securities, the nation’s third largest brokerage firm, and Evergreen Asset Management, a leading provider of asset management services.”
“Wachovia Corp. will remain headquartered in Charlotte, N.C. Wachovia Securities will continue to be headquartered in St. Louis, MO. Citigroup will headquarter the retail bank in Charlotte and the investment bank in New York.”
so I did hear right…
"Wachovia Corporation will remain a public company with two main operating subsidiaries: Wachovia Securities, the nation's third largest brokerage firm, and Evergreen Asset Management, a leading provider of asset management services."“Wachovia Corp. will remain headquartered in Charlotte, N.C. Wachovia Securities will continue to be headquartered in St. Louis, MO. Citigroup will headquarter the retail bank in Charlotte and the investment bank in New York.”
so I did hear right…
note to Darren Morehead
complete opposite of what i expected. somebody please punch me in the mouth
Metro,
As far as your democrates are to blame because they wanted to give everyone a house theory of why this financial crisis is occuring, check this out:
“Wachovia has been among the banks hardest hit by the ongoing crisis in the mortgage market. It paid roughly $25 billion for Golden West 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”.
These are the studipest loans ever and banks were doing them like crazy and you couldn’t qualify for them if you were a subprime borrower.
Metro,As far as your democrates are to blame because they wanted to give everyone a house theory of why this financial crisis is occuring, check this out:
“Wachovia has been among the banks hardest hit by the ongoing crisis in the mortgage market. It paid roughly $25 billion for Golden West 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”.
These are the studipest loans ever and banks were doing them like crazy and you couldn’t qualify for them if you were a subprime borrower.
I’m pretty sure pick a payment was unique to Golden West.
Subprime loans are what got us here Jimmy. That can’t be disputed.
Metro,As far as your democrates are to blame because they wanted to give everyone a house theory of why this financial crisis is occuring, check this out:
“Wachovia has been among the banks hardest hit by the ongoing crisis in the mortgage market. It paid roughly $25 billion for Golden West 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”.
These are the studipest loans ever and banks were doing them like crazy and you couldn’t qualify for them if you were a subprime borrower.
Jim-
did you know that banks were fined by the govt if they failed to meet their quota on sub primes…
nice try
more confirmation that Citi keeps retail organization in CLT:
Dow down 240 to start the day, man I sure am glad we got this bailout thing going. . . . . .
[QUOTE]A sale to Citi likely means big layoffs for Wachovia’s workforce of 120,000, which includes 20,000 here in Charlotte. A Citi spokeswoman declined to comment on layoffs, but in a statement Citi said it expects to realize “more than $3 billion of annualized expense synergies through the consolidation of overlapping functions.”
Following the closing of the transaction, Citi said it expects to merge banking operations by the end of 2010. [/QUOTE]
[QUOTE=metro;346226]note to Darren Morehead[/QUOTE]
there will still be mass layoffs
There will be redundancies in technical and support functions which will be eliminated, still hitting the Charlotte economy hard.
Oh, and there are two 'o’s in Moorehead. 
[QUOTE=MKNiner;346231]I’m pretty sure pick a payment was unique to Golden West.
Subprime loans are what got us here Jimmy. That can’t be disputed.[/QUOTE]
Wrong, Lots of banks were doing them and they are a major part of the problem. Wachovia was advertising for the loans as little as 3 months ago.
No, Jimmy. Pick-a-Payment was unique to Golden West. Lots of mortgage companies were doing stupid loans, because they were then bundling them up and selling them, so they didn’t take the risk, but P-a-P was a unique program that sold a ton of loans for GW.
What is Citigroup paying for Wachovia? The stock is under a buck now.
Wow I just heard about Citi Group…wow
[QUOTE=77grad;346278]No, Jimmy. Pick-a-Payment was unique to Golden West. Lots of mortgage companies were doing stupid loans, because they were then bundling them up and selling them, so they didn’t take the risk, but P-a-P was a unique program that sold a ton of loans for GW.[/QUOTE]
So I guess the price sheets I would get everyday will the 15 to 20 different lender offering these loans was my imagination???
Countrywide, Bank of America, Chevy Chase, Washington Mutual and Indy Mac all had them…