The Real Deal Miami

Wachovia layoffs hit Florida

October 08, 2008 10:56AM

Troubled bank Wachovia has laid off 50 workers from a mortgage-processing center at 1301 North Congress Avenue in Boynton Beach. Last month, the bank laid off 69 workers from its center at 12700 South Military Trail in Boynton, and has shed another 59 workers in Jacksonville. The bank, now caught in the middle of a takeover battle between Citigroup and Wells Fargo, announced in July that it would stop offering its Pick-A-Payment loans, negative amortization mortgages that cause borrowers’ loan balances to increase. Wachovia workers in Boynton Beach had originated these exotic mortgages.