Pop Goes the World

Wachovia took over World Savings a year or two ago. They liked World Savings' tried and true adjustable program portfolio and wanted a new mortgage solution as part of their services. My long-time wholesale rep, Linda, was a bit apprehensive, but thought that good things would come from it. Not so. Right off the bat, Wachovia tried to alter the programs, change what they paid to utilize. In the end, Wachoiva announced today that it's canning over 6300 employees and shutting down the Wachovia mortgage wholesale division. This still leaves one of their mortgage companies, Vertice, in tact and doing business, but you can guess that they're next on the chopping block. Result: More fear in the banking world, more bad news for the media to spread, more fear in the minds of consumers, fewer lenders to do deals, fewer buyers able to buy, less money to lend, a fly in the ointment, sand in the Vaseline, another shoe in the self fulfilling sabotage of the financial gears of lending. Moral of the story: Secure your refinance or purchase loan NOW while you can or you'll be out of options. I've got the options: Pat Townsley, the Loan Survivor. www.ptre.net.