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Analysts said that Wachovia purchased Golden West at the peak of the US housing boom. Wachovia Mortgage's mortgage-related problems led to Wachovia suffering writedowns and losses that far exceeded the price paid in the acquisition, ending up in the fire-sale of Wachovia to Wells Fargo. [36]
The crash of subprime mortgages, which made up most of World Savings' nearly $200 billion mortgage portfolio, put significant strain on Wachovia and eventually caused its collapse. On July 1, 2009, Wachovia Securities was renamed Wells Fargo Advisors and Wells Fargo Investments, which included the former A.G. Edwards business lines.
Wachovia CEO G. Kennedy "Ken" Thompson described Golden West as a "crown jewel". [16] But investors did not react positively to the deal. After the takeover was completed in 2006, some analysts said that Wachovia purchased Golden West at the peak of the US housing boom, and that its mortgage-related problems were the ultimate factor in Wachovia ...
Oct. 22, 2008: Widespread corporate losses, which include a $24 billion quarterly loss from Wachovia, point to a 10% year-over-year decline in third-quarter profit. The Dow closes at 8,519.21 ...
After John DeMetro suffered a debilitating arm injury on the job in 2005, he began to slip on paying his mortgage. Though Walmart, his employer at the time, paid for the 19 surgeries and 2½ ...
Ownit Mortgage Solutions Chapter 11 bankruptcy and liquidation Mortgage lender January 29, 2007: American Freedom Mortgage: Chapter 11 bankruptcy and liquidation Mortgage lender February 21, 2007: First Merchant Bank: withdrawal of the concession Offshore bank [1] April 2, 2007: New Century: Chapter 11 bankruptcy and liquidation Mortgage lender ...
Shares in a number of popular mortgage REITs have plummeted in the last few days. Annaly Capital Management saw its share price fall by nearly 3% on Monday, while American Capital Agency watched ...
On Monday June 21, 2004 Wachovia Corporation announced it would buy SouthTrust in an all-stock transaction valued at $14.3 billion. [5] The merger closed on November 1, 2004. [6] The Birmingham market was the last market for the conversion to the Wachovia brand which occurred in October 2005.