More Dirty Laundry at the Bank

Another bank just revealed details about their subprime-related troubles. Wachovia is the latest to get 15 minutes of unwanted fame.

The problem is largely due to their acquisition of Golden West, a California bank that largely relied on adjustable rate mortgages. Wachovia bought Golden West about 2 years ago (how's that for timing) and the chickens have come home to roost.

For more details and new developments, see coverage of Wachovia's troubles.

Further reading:

• Subprime - Definition
• High Risk Mortgages: Not Just Risky for Borrowers Anymore