Wachovia’s big mortgage buy (CNN Money)

The street has never much cared for Wachovia’s 2006 purchase of Golden West Financial for $24 billion. Even before the mortgage industry went splat, skeptics felt Wachovia CEO Ken Thompson was paying too much for Golden West’s abundance of pay-option adjustable-rate mortgages, or option ARMs, clustered in the frothy California real estate market. Still, Herb and Marion Sandler, the husband and …

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February 20 2008 06:02 pm | Home Loan Mortgage Blog

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