Wachovia Mortgage, FSB
Date:
July 1, 2009
Amount Spent:
$0.00 billion
Deficit Impact:
$0.00 billion This institution is taking part in the Home Affordable Modification Program, which allows eligible, at risk, borrowers to immediately refinance their mortgages. The Treasury Department is providing the institution with financial assistance in order to recoup some of the losses incurred by the modification.
A Merger with Wells Fargo reduced Wachovia's investment of Treasury funds from $2 billion to $293,000 in mid-February 2010.
Notes:
Maximum amount is the level of funding announced by the Treasury Department. Cap adjustment amounts were updated on 9/30/2010. Amount spent represents the total amount allocated to all mortgage servicers as of 10/15/2010, as reported on the Treasury's transaction reports. Deficit impact is derived from CBO's subsidy rate for the Home Affordable Mortgage Program (100%), which requires no repayments and therefore constitutes a full subsidy. This information was most recently reported in CBO's report on TARP transactions through June 17, 2009.