As concern spread on Friday that more banks might run into trouble even with a US$700 billion rescue for the financial system, Wachovia, one of those hardest hit by the housing crisis, became the latest to reach for a lifeline. Wachovia has a US$120 billion portfolio of mortgages loaded with adjustable interest-rate loans that allow borrowers to skip part of their monthly payments, much of which it inherited from its ill-timed acquisition of Golden West, the big California lender, in 2006.[Wachovia becomes latest US bank to seek lifeline , Taipei Times, September 27, 2008]
The Wachovia Foundation will provide $16.25 million to help economic development in Latino communities in the United States. The foundation has formed a partnership with the National Council of La Raza. The bank will provide $5 million in grants over five years for counseling in homeownership and community-development efforts. Wachovia also will provide $1.25 million over five years to sponsor La Raza events and a $10 million loan to fund growth for Raza Development Fund`s lending activities. "Wachovia`s investment in NCLR will allow us to expand the successful programs we have developed with our nearly 300 community-based affiliates who every day strengthen America by promoting the advancement of Latino communities," says Janet Murguia, president and chief executive of NCLR.
The folks at La Raza noted in a June 11 press release that Wachovia generosity was part of a larger pattern of funding Mexico`s gradual invasion.
Last year, The Wachovia Foundation joined with the MacArthur Foundation to create a $47 million award program for community development. The first recipient of the $5.5 million "Wachovia NEXT Award for Opportunity Finance"was the Latino Community Credit Union based in Durham, N.C. [...] In addition, Wachovia:
Is the only major financial institution to offer statements in Spanish for all of its deposit accounts.
Has nearly 800 designated Hispanic financial centers throughout the U.S. capable of delivering a full in-language customer experience, including bilingual Spanish-speaking employees, bilingual merchandising and financial product information in Spanish.
Offers Spanish-language personal assistance seven days a week through a multilingual call centers and at hundreds of bilingual ATMs.
Offers a Spanish-language Web site, www.wachovia.com/espanol, which allows customers to open new accounts, locate the nearest financial center or ATM and look up information in Spanish.
The Wachovia Foundation is a private foundation that is funded annually by Wachovia Corporation.On the subject of world-class financial mismanagement, this video of a House hearing from 2004 shows Barney Frank and pals behaving badly regarding oversight.