Exit left Wachovia Mortgage lending

Wachovia announced it will cease mortgage lending in most state branches. Like many banks, Wachovia has been under tremendous pressure as a result of the mortgage melt down crisis. Wachovia was not known for its origination production but illustrates the current difficulties facing the banking industry.

Many of the top talking heads predict the current mortgage environment to last through 2009 or longer depending on the outcome of Fannie Mae and Freddie Mac's situation. Fannie Mae recommitted last week to continue and increase its multifamily position due to that markets performance.