Citigroup Buys Wachovia Banking

[C khid]

NEW YORK - The government said Monday that Citigroup will acquire the banking operations of Wachovia in a deal facilitated by the Federal Deposit Insurance Corp.

The FDIC says Wachovia didn’t fail, and that all depositors are protected and there will be no cost to the Deposit Insurance Fund.

The sale of Wachovia Corp. comes just days after the government’s seizure of Seattle-based Washington Mutual Inc. — the largest bank failure in U.S. history.

Wachovia has been among the banks hardest hit by the ongoing crisis in the mortgage market. Its current problems stem largely from its acquisition of mortgage lender Golden West Financial Corp. in 2006 for roughly $25 billion at the height of the nation’s housing boom. With that purchase, Wachovia inherited a deteriorating $122 billion portfolio of Pick-A-Payment loans, Golden West’s specialty, which let borrowers skip some payments.

[Talkofthatown]

wachovia was going to go under sooner or later bb&t will probably b next

[C khid]

Originally Posted by Talkofthatown wachovia was going to go under sooner or later bb&t will probably b next

Wachovia was one of the biggest banks in the nation

it's a problem......... a real problem

[Talkofthatown]

Originally Posted by SJ x KaC Originally Posted by Talkofthatown wachovia was going to go under sooner or later bb&t will probably b next Wachovia was one of the biggest banks in the nation it's a problem......... a real problem

...........right
Bank of america is bigger plus it seems as if the new ceo isn't doing anything different or better :|