The payment option ARM market — once a $300 billion a year business — appears to be nearly dead.

According to new figures compiled by the Alternative Products Quarterly Data Report, just one lender, Wachovia Mortgage, owned up to originating POAs in the fourth quarter. Wachovia, which is now part of Wells Fargo & Co., originated just $40 million of the loans, compared  with $5.5 billion in Q407.

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