Wachovia Corp., which continues to defend its $24 billion purchase of a California mortgage lender, said the downturn in the nation’s housing market is nowhere near over. Speaking to analysts on a Deutsche Bank Securities Inc. conference call, Chief Risk Officer Don Truslow said, “It feels like we have a ways to go.” Using a baseball analogy, Truslow said he didn’t know if the downturn was in the third, fourth or fifth inning. He added “we’re still before the seventh inning stretch.” Read the full story at
