Wachovia Changes Mind on Negative Am. Loans.
According the AP, Wachovia Bank said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest. These loans have been called Pick-payment loans, with a negative amortization option. With less and less loan options for Consumers, there is even a bigger need to compare rates and programs for Consumers. Comparison Mortgage shopping is about to become an even bigger business. Even with less consumers currently shopping for mortgages, the ones who are should provide a nice opportunity for certain Lead Providers, Affiliate models, or Lead Exchanges.