2008-04-02 — newsobserver.com
Wachovia has required its loan officers to sell a minimum number of Pick-A-Payment, traditional and other loans or face discipline, including termination, according to interviews and documents. A training script obtained by the Observer tells loan officers, known as mortgage consultants, how to sell Pick-A-Payment loans, including empathizing with customers' cash flow problems.
We predict Wachovia will get precisely the karma they deserve for doing this.
Incidentally, Bank of America isn't much better in terms of aggressively pushing mortgages onto customers. I'm tired of these banking behemoths shilling mortgages or savings accounts (yielding less than inflation) on me every time I try to go in to do some routine cash flow banking...
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