Wachovia boosts efforts to explain loans to borrowers

06/18/2008 | Bloomberg

Tim Wilson, head of loan origination at Wachovia, said the firm is contacting mortgage applicants to make sure "the customer understands the key features of the Pick-A-Payment loan product." The mortgages allow borrowers to defer a portion of their monthly bills. Wachovia ousted CEO Ken Thompson this month after forecasting $4.5 billion in losses on adjustable-rate home loans.

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