Confessions of a Subprime Lender: An Insider\'s Tale of Greed, Fraud, and Ignorance

Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest.

The choice to pay less was one of the options of Wachovia’s controversial Pick-A-Payment mortgages, which offer customers four different payment options each month. Wachovia (WB, Fortune 500) told The Associated Press that it will no longer offer the less-than-full interest payment option on all new home loans.

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