Wachovia Suing Just Mortgage

Wachovia Corp. is suing California lender Just Mortgage Inc., claiming Just Mortgage failed to buy back bad loans despite an agreement made last year when Wachovia purchased nearly $12 million in home equity mortgage loans.

According to the Charlotte Business Journal, Wachovia says Just Mortgage agreed to buy back bad loans, such as those that went delinquent shortly after the purchase and those that were missing documentation. Wachovia says it notified Just Mortgage about numerous loans that were considered bad under those qualifications, and Just Mortgage refused to take them back.

SOURCE: Charlotte Business Journal

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