Wachovia Announces Assistance for Pick-A-Pay Customers

Wachovia Corporation announced this week that it is taking a number of actions to help its mortgage customers deal declining home values and other challenges in today's economy. Effectively immediately, it is waiving all prepayment fees associated with its Pick-A-Pay mortgage to allow customers more flexibility in their home financing decisions. Also, for new loan originations, Wachovia is no longer offering products that include payment options resulting in negative amortization. For more information, check out the Macroworld Investor article.