I wonder what their secret it? Could it be that they are not offering sub-prime mortgages and are conducting business in a professional manner. Could they be looking out for their investors instead of taking advantage of customers and making a quick and easy buck?

Wachovia is grabbing more mortgage business as a result of the recent shakeout in the industry, Chief Executive G. Kennedy Thompson said Monday.

Five of the top 40 mortgage lenders, responsible for more than 9 percent of last year’s mortgage production, have gone out of business, according to Thompson. Other major mortgage companies, such as Washington Mutual (Charts, Fortune 500) and Countrywide (Charts, Fortune 500), have scaled back their operations.

By contrast, Charlotte, N.C.-based Wachovia, which last year dramatically expanded its mortgage business by acquiring Golden West Financial, has been expanding. In the first two months of the third quarter, the company’s outstanding mortgage loans have shot up about $1.2 billion, said Thompson, who was speaking at a financial-services conference.

I bet all the other CEO’s are trying to figure out Thompson’s secret, too bad they’ll never get it.

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