Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHARLOTTE, N.C. — Wachovia Bank here has said that it will announce by month’s end whether it will remove option ARMs from its mortgage offerings available in California. Wachovia may decide to halt granting the loans, which allow borrowers to select the monthly payment they make per month, as other banks have, given the high number of foreclosures in regions east of Los Angeles like the Inland Empire and Central Valley. The San Francisco Bay Area county of Contra Costa may also be impacted.

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.