Consolidation Continues With Wachovia Sale of HomEq
July 7, 2006
Another large subprime servicing platform, HomEq, is changing hands as consolidation continues to reshape the market – and to bring Wall Street closer to borrowers. Wachovia Bank recently announced an agreement to sell HomEq to Barclays Capital for $469 million. Wachovia officials said the move was driven by a strategic decision that the subprime market is no longer a core business line. The North Carolina-based Wachovia is still writing subprime loans through a unit…