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Outside brokers are helping Wachovia on troubled loans

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JOURNAL STAFF AND WIRE REPORT

Published: September 6, 2008

CHARLOTTE -- In its effort to shed troubled Pick-A-Payment mortgage loans, Wachovia Corp. is turning to outside brokers for help contacting customers about refinancing options, sources have told The Charlotte Observer.

The use of brokers by the Charlotte bank, which is wrestling with large mortgage losses, gives the bank another way to reach more than 500,000 customers about the possibility of converting their Pick-A-Pay loans into traditional loans. Wachovia in July announced that it was assigning 1,000 of its own employees to the initiative, known internally as "Project Green Earth."

The use of outside brokers comes soon after the bank stopped making new mortgages through brokers. It now relies only on its own loan officers, call centers and Web site to originate home loans.

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Outside brokers are helping Wachovia on troubled loans

JOURNAL STAFF AND WIRE REPORT