Second Mortgage With Poor Credit

Wachovia's Net Rises on Acquisitions, Investment Bank (Update5)

July 20 (Bloomberg) -- Wachovia Corp., the fourth-largest U.S. bank, said profit rose 14 percent to a record in the second quarter on acquisitions and higher investment-banking fees.

Net income climbed to $1.89 billion, or $1.17 a share, from $1.65 billion, or $1.04, a year earlier, the Charlotte, North Carolina-based company said today in a statement. Revenue rose 14 percent to $7.26 billion.

Chief Executive Officer Kennedy Thompson, who in May announced a $26 billion deal for California's Golden West Financial Corp., boosted profits through the purchases of Westcorp and AmNet Mortgages Inc., which provide car loans and mortgages to borrowers with poor credit histories. Trading and investment banking picked up from the same period last year, even as stock markets sputtered in May and June.

Piggyback Loans Are Risky Business

What do you call a loan to help someone scrape together enough money to make a down payment on a home just so that person can then qualify to take out a mortgage on that home?

Wall Street's answer: an opportunity to create new securities, of course.

So-called second-lien mortgage loans have found a new home in the portfolios of some of the same money managers and pension funds that have been buying bonds created from mortgage loans made to "subprime" borrowers with less-than-stellar finances.

The creation of all sorts of newfangled mortgages, many of which delay principal payments, has ...

Jose Has Lost The Plot Again - And The Ability To Count

Not only can the guy not count how long he has been in the States, he shows a complete lack of knowledge of other squads. It appears that Arsenal and Chelsea both had 15 players at the World Cup with 11 in the second round or beyond. Arsenal are without Henry as the season starts as they have to begin a full 10 days before Chelsea. How does this disadvantage Chelsea? May be if they had played games in their own time zone it would have been less taxing. Mourinho has again showed he has little grasp of, or respect for, the truth and will continue to be a blight on football again this season. Andy Green ...I m sure you will have a million e-mails saying this but - Arsenal and Chelski both had 16 players at the World Cup. Who's obsessed with who you Portuguese p***? Paul Williams ...According to the Premiership's very own Mr Cheerful: "Because we had so many players at the World Cup, we start at a disadvantage to every other club.

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