Wells Fargo, other lenders curb mortgage loans

(Reuters) - Wells Fargo, the second-largest U.S. mortgage lender, said it is curtailing issuance of "Alt-A" home loans through brokers, while Wachovia has stopped entirely. Wachovia also said one lending unit has temporarily halted its Alt-A production.




Lenders are making fewer home loans once thought to be safe because investors now perceive those loans to be risky. The changes could worsen the U.S. housing slump by putting home ownership beyond the reach of a larger number of Americans.


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Wachovia quarterly profit rises 24pct

(Reuters) - NEW YORK, July 20 - Wachovia Corp. , the fourth-largest U.S. bank, said on Friday its second-quarter profit rose 24 percent, helped by growth in lending and the purchase of Golden West Financial Corp.



Net income for the Charlotte, North Carolina-based company was $2.34 billion, or $1.22 per share, up from $1.88 billion, or $1.17 a share, a year earlier.


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Wachovia Securities fined $2 mln by NASD

(Reuters) - Wachovia Corp. , the fourth-largest U.S. bank, owns
62 percent of Wachovia Securities. Prudential Financial Inc.
owns the remainder.




The NASD regulates brokerages. It is planning to merge with
NYSE Regulation to create a new brokerage regulator, the
Securities Industry Regulatory Authority.


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Wachovia to pay AG Edwards brokers not to leave

(Reuters) - NEW YORK, June 15 - Wachovia Corp. is offering retention awards to A.G. Edwards Inc. brokers equal to as much as 100 percent of the revenue they generated in the prior year, in a bid to limit defections ahead of its planned $6.8 billion purchase of the St. Louis brokerage.



The fourth-largest U.S. bank is hoping to lose no more than 3 percent of brokers it wants to keep, similar to the "regretted attrition" in 2003 when it created Wachovia Securities by merging its brokerage with that of Prudential Financial Inc. .


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UPDATE 1-SS&C Technologies files for up to $200 mln IPO

(Reuters) - The Windsor, Connecticut-based company, which provides
software and services to allow financial services providers to
automate their business processes, said Morgan Stanley, Credit
Suisse and JPMorgan will be the lead underwriters for the IPO.




Jefferies & Co. and Wachovia Securities are assisting in
the underwriting, according to a preliminary filing with the
U.S. Securities and Exchange Commission.


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S&P 500 ends at record, Dell jumps after hours

(Reuters) - The S&P 500 closed at a record on Thursday as plans for a $6.8 billion takeover in the financial sector and data pointing to strength in industrial activity underpinned demand for equities.

Wachovia Corp.'s proposed buyout of A.G. Edwards Inc. sent shares of brokerages higher, while strong Midwest manufacturing data boosted shares of industrials, including United Technologies Corp. and DuPont.


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US stock indexes up on M&A in financial sector

(Reuters) - U.S. stocks opened higher on Thursday after news of banking company Wachovia Corp.'s proposed buyout of brokerage A.G. Edwards Inc., a sign the takeover trend was still going strong.

The Dow Jones industrial average was up 9.67 points, or 0.07 percent, at 13,642.75. The Standard & Poor's 500 Index


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Blackstone seen paying up on CMBS deal

(Reuters) - Blackstone-EOP's sale, backed by Equity Office Property, is currently being marketed to investors by underwriters Goldman Sachs, Banc of America and Bear Stearns ahead of its pricing in June, market sources said.




The offering would be the second largest deal in the CMBS market this year, after Wachovia Securities' $7.9 billion sale in March.


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