Wachovia Finally Addressing Their Pay Option Portfolio

"Wachovia, who at last count owned $122bb of the most toxic loan every created (the Pay Option ARM), has taken on an aggressive initiative with mortgage brokers/bankersto help them refi their way out of their financial troubles. They hope to refi about 30% or 135k loans over the next couple of years. The Pay Option ARM, in part, just took WaMu down and many think Wachovia will be next."