North Carolina

Wachovia Unloads Some Residential Construction Loans 

North Carolina-based Wachovia Corp. [stock WB][/stock] has sold off a chunk of troubled residential construction loans out of portfolio, according to a published report Wednesday. A joint venture headed up by LandCap Partners is slated to buy the loans, which have a book value between $75 million and $80 million, for roughly 50 cents on the dollar, the Wall Street Journal reported.