How Things Change So Quickly; Wachovia Goes to Citi

The lender that was honored as “Lender of the Year” for 2006 just two short years ago has now seen itself get sold to Citigroup for next to nothing. Wachovia, who held the position as the largest commercial lender and servicer in 2006 is now gone. Wachovia generated in excess of $60B in commercial mortgages in 2006, and serviced nearly $180B in mortgages and CMBS that same year.

We are really in the midst of something historic here, as a huge consolidation of power and wealth is happening right under our noses, and we are paying for it. If you’re familiar with the Panic of 1907, you will see that history is suspiciously repeating itself, and if there is a lesson to be learned, it is that JP Morgan Chase Bear Stearns Washington Mutual will definitely survive, and that Bank of America Countrywide Merrill Lynch US Trust LaSalle, Barclays Lehman Brothers, and Citigroup Wachovia will likely be right there too.

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