Complex Wachovia mortgage program worries some (The Charlotte Observer)

When she stopped by a Wachovia branch in Charlotte last month, Marilyn O’Connor asked about refinancing her townhome. Instead, she got a pitch for a “Pick-A-Payment” mortgage that offered flexible payment options but a higher interest rate. O’Connor said she initially agreed to apply for a Pick-A-Payment loan until she learned the interest rate. The full principal and interest payment option had …

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