Los Angeles Times (07/22/08)
Beginning on July 25, Wachovia Corp. will no longer approve mortgages made by mortgage brokers--which, along with other third parties, accounted for 40 percent of the bank's loan volume last year. The company announced the change as part of its plans to recover from losses sustained by Golden West Financial Corp., which it acquired for $24 billion in 2006. In June, Wachovia announced that it would cease writing option adjustable-rate mortgages, which made up $120 billion of Golden West's portfolio.
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