World Bank CD Rates
Posted on May 18th, 2010
The World Bank CD rates are not from the international financial institution that supplies leveraged loans to developing countries around the world. It is also not the World Bank Group.
World Savings Bank was one of the financial institutions that made a great number of sub-prime loans while the mortgage boom was underway. They required the homeowners to only pay 1.95% to 2.85% of the loan as a minimum payment.
In 2006, Wachovia bought out World Savings Bank along with all of the loans that were made. When this occurred, the minimum loan payment for homeowners was lowered to 1.5% and then to 1.0%. Wachovia continued to make these sub-prime loans until the mortgage market began to crumble in 2008.
By the end of 2008, Wachovia itself was sold to Wells Fargo which was finalized in mid 2009. Today, Wells Fargo is one of the big 4 banks in the nation.
So the great reputation that was World Saving Bank was carried forward to Wachovia and improved their reputation. This has now all been absorbed by Wells Fargo which has its rich history that is over 150 years, dating back to the stage coach.
All that remains of World Savings Bank are the sub-prime loans. There are no CD rates to speak of since the bank itself is no longer.
The last known World Bank CD Rates were exceptional at 5.76% for a 10 month CD. Unfortunately, this rate dates back to 2006 and the pre-recession times before the bubble bursted.
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