Another day, another closed mortgage company. Or at least a mortgage division.
Today, Wachovia announced that their subprime mortgage lender division, Equibanc, closed its doors after a thorough review of its mortgage business revealed that the business of originating non-conforming loans wasn’t a good fit for the banking giant.
Equibanc was founded in 1996, acquired by SouthTrust Corp. in 2001, which was in turn bought out by Wachovia in 2004.
Shares of Wachovia closed slightly lower, down 73 cents to $55.76 on the New York Stock Exchange.