The mortgage market turns a corner - Wachovia retires Pick-a-Pay

Wachovia announced today that they are no longer offering the pick-a-pay, negative amortization mortgage loan. Additionally, they've announced that the bank will assist current pick-a-pay loan holders by waiving all pre-payment penalty fees for those looking to refinance out of the loan. Here's the details: Effectively immediately, Wachovia is waiving all prepayment fees associated with its Pick-A-Pay mortgage to allow customers complete flexibility in their home financing decisions. . . . Additionally, for all new loan originations, Wachovia is discontinuing offering products that include payment options resulting in negative amortization. While this has been covered extensively elsewhere with various regard I think we've reached a very important part in the mortgage market correction.&nb