(Reuters) - Wachovia stopped making Alt-A loans through all brokers on Thursday, the spokesman said. Wells Fargo & Co. has said it is also curtailing such loans.
Alt-A loans, short for "Alternative-A," fall between prime and subprime in quality. Investors have shied away from the loans on concern about rising defaults, and that credit issues affecting riskier "subprime" loans would spread to higher-quality loans.
Read more at Reuters.com Bonds News
Alt-A loans, short for "Alternative-A," fall between prime and subprime in quality. Investors have shied away from the loans on concern about rising defaults, and that credit issues affecting riskier "subprime" loans would spread to higher-quality loans.
Read more at Reuters.com Bonds News
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