Wachovia Forming New Wholesale Unit

Wachovia Securities, Charlotte, N.C., has announced that it is forming a new wholesale lending organization by combining the American Mortgage Network with Wachovia Mortgage's third-party lending business.The new unit, Wachovia Securities Wholesale Mortgage, will be part of Wachovia's Corporate and Investment Banking Group. Charlotte Catalfo and John Robbins will be the co-heads of the new unit. Combined production from both entities totaled $19 billion last year, Wachovia said. "We have aggressive goals for our new wholesale mortgage organization, which we believe has enormous potential for production and product innovation," said Curtis Arledge, head of Wachovia's Fixed Income Division. "Our vertically integrated mortgage model leverages our capabilities in the secondary market and will help drive profitability as we meet continued global demand for mortgage-backed securities." Wachovia Securities can be found online at http://www.wachoviasec.com.