Wachovia Corp. said it is hoping to refinance a "significant portion" of its $122 billion portfolio of option adjustable-rate mortgages into conforming loans and loans insured by the Federal Housing Administration.

"We're actively engaged in soliciting a subset of [the] portfolio for the FHA refinance so as to effect a full risk transfer" to the government, Wachovia's chief executive, Robert Steel, said in an investor presentation Tuesday.

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