1188382--3/23/2010--WACHOVIA_PREFERRED_FUNDING

related topics

{acquisition, growth, future}

{investment, property, distribution}

{tax, income, asset}

{regulation, change, law}

{loss, insurance, financial}

{condition, economic, financial}

{loan, real, estate}

As a result of the Wells Fargo acquisition of Wachovia, we may incur losses on loans that are materially greater than reflected in the fair value adjustments. Our financial results and condition will be adversely affected if home prices continue to fall and/or unemployment continues to increase. We are effectively controlled by Wells Fargo and our relationship with Wells Fargo and/or the Bank may create potential conflicts of interest. We are dependent on the officers and employees of Wells Fargo and the Bank for our business activities and our relationship with Wells Fargo and/or the Bank may create potential conflicts of interest. The loans in our portfolio are subject to economic conditions that could negatively affect the value of the collateral securing such loans and/or the results of our operations. If we lose our exemption under the Investment Company Act it could have a material adverse effect on us. Legislative and regulatory proposals may restrict or limit our ability to engage in our current businesses or in businesses that we desire to enter into. We may suffer adverse tax consequences if we fail to qualify as a REIT. Changes in accounting policies or accounting standards, and changes in how accounting standards are interpreted or applied, could materially affect how we report our financial results and conditions.

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1188382--3/23/2010--WACHOVIA_PREFERRED_FUNDING_CORP