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Tuesday, September 11, 2007

Wachovia is grabbing more mortgage business as a result of the recent shakeout

September 10 2007
CEO G. Kennedy Thompson says that industry shakeout is leading to a much higher origination volume for the bank. Five of the top 40 mortgage lenders, responsible for more than 9 percent of last year's mortgage production, have gone out of business, according to Thompson. Other major mortgage companies, such as Washington Mutual and Countrywide have scaled back their operations. By contrast, Charlotte, N.C.-based Wachovia, which last year dramatically expanded its mortgage business by acquiring Golden West Financial, has been expanding. In the first two months of the third quarter, the company's outstanding mortgage loans have shot up about $1.2 billion, said Thompson, who was speaking at a financial-services conference.


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