IN RE WACHOVIA PREFERRED SECURITIES AND BOND/NOTES LITIGATION

IN RE WACHOVIA PREFERRED SECURITIES AND BOND/NOTES LITIGATION
 
 
 

By Daniel Edstrom
DTC Systems, Inc.
 
This case discusses the “pick-a-pay” loans, CDO’s and RMBS from World Savings Bank and Wachovia.  Note that in paragraph 3 on page 8 Wachovia reported:

 

 

$120 billion portfolio of option adjustable rate mortgages (“Option ARMs”), known as the “Pick-A-Pay” portfolio, which Wachovia acquired through its May 2006 purchase of Golden West;

By my calculations, the original principal balance of World Savings REMICs that contain “Option ARMs” was $124.9 billion dollars.  What a coincidence.

View this case here: http://dtc-systems.net/wp-content/uploads/2011/08/in-RE-Wachovia-Preferred-Securities-and-Bond-Notes-Litigation.pdf

The Los Angeles Times discusses a new settlement agreement:  http://latimesblogs.latimes.com/money_co/2011/08/wells-fargo-kpmg-reach-627-million-settlement-of-lending-lawsuit.html

Wells Fargo Bank 10-Q from quarterly period ended June 30, 2011: http://www.sec.gov/Archives/edgar/data/72971/000095012311073266/f59207e10vq.htm

Author: dmedstrom

Reverse Engineering and Failure Analysis - Reverse Engineering Wall Street

2 thoughts on “IN RE WACHOVIA PREFERRED SECURITIES AND BOND/NOTES LITIGATION”

  1. I was a victim of a pick a payment loan in 2007 with world savings, also my loan was secured , Im trying to find the right firm to use to take my case to court and try for quiet title and compensation. Im not sure who would be the best company for me to use Im in SC please if you could give me good advice i would appreciate it.

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