As The SubPrime Market Disintegrates, Wachovia Shuts Equibanc Mortgage
The meltdown in the subprime market is coming to a head as Wachovia is shutting down its EquiBanc Mortgage subsidiary. The subprime lending division is facing tighter restrictions, a limited market for selling the debt, and new regulatory challenges forcing Wacovia to re-evaluate the buisiness.
The Web site of Georgia-based EquiBanc states Wachovia decided to close the business after “an intensive strategic review of its mortgage business, which has altered the company’s approach to the origination of nonconforming loans.”
A Wachovia spokeswoman confirmed the reason for the closure.
EquiBanc was Wachovia’s sole business dedicated to subprime lending, the site said.
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