Reports: Wachovia in talks with potential buyers

NEW YORK (AP) - September 29, 2008

The New York Times reports on its Web site that Citigroup and Wells Fargo are bidding in a possible emergency takeover of Charlotte, North Carolina-based Wachovia.

The Wall Street Journal also lists Spain's Banco Santander SA as a possible bidder.

No comment from Wachovia.

Wachovia's current problems stem largely from its acquisition of mortgage lender Golden West Financial Corporation in 2006 at the height of the housing boom. Wachovia inherited a deteriorating 122 billion dollar portfolio of Pick-A-Payment loans, which let borrowers skip some payments.

Like many other banks, Wachovia stands to benefit from the passage of the government rescue plan.

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