Bank Run at Countrywide Bank?
I go into my branch of Countrywide in Ca yesterday and everyone be taking out their money because they said that the mortgage dept chunk of the dune be in the order of to progress into collapse and the assets may be frozen. Cops be everywhere and alot of men contained by suits around. I be over-involved within the moment and also took adjectives of my money out...even though the hill is FDIC insured, I thought it may be a long time back I in fact get it posterior so I get it in a minute.Is the Banking system in the region of to experience a crisis because of the bleak mortgages? I be wondering where on earth adjectives of my deposits be self invested and it sounds approaching the bank used it to hindmost mortgages...thoughts?
Answers:
Regardless of FDIC insurance, the funny piece is this.
Have you ever met anyone that have bursting a claim next to FDIC to catch their returned funds? As I take the history at the rear the FDIC be started because the final time nearby be a run at the ridge during the great depression.
Since 1920 when is the second time anyone hear of a run at the bank?
Yeah, it's not a desperate perception to snatch your currency and run.
From a word article on the trellis a hours of daylight or two ago:
However, the turmoil could spook depositors at Countrywide Bank, an Alexandria, Va.-based stash and loan that have grown dramatically since Countrywide Financial bought it in 2000. Nearly 40% of the mound's $57.7 billion within deposits be not insured by the Federal Deposit Insurance Corp. as of March 31, according to the FDIC website.
"If something happen to the parent company, the sandbank should be capable of stand alone," said FDIC spokesman David Barr, who advise worried depositors to homily to the sandbank more or less structuring their accounts so they are completely insured. The FDIC insures individual accounts up to $100,000, but a married couple can insure up to $1 million in deposits at a single institution by setting up multiple accounts, Barr said.
Your money be FDIC insured. Yes sir, you panic.
The stock exchange have suffered this week because of such hysterics. The feds checked within and dropped the interest rate 1/4 point to silence the Dow down.
I should be panic, because >60% of my equity (including the house) is in the stock exchange. But I am not.
I deem the mortgage deflation may organize to a take on marketplace, but it indeed isn't doomsday.
congratulations on joining the crowd. 8-[
no, the financial system isn't going to implode. The Federal Reserve lowered the discount rate [loan rate to banks] Friday break of day precisely as a symbol to the market that they aren't going to consent to this sort of article come to pass.
Even if an FDIC insured ridge fail, the plausible worst outcome is that some much stronger hill take over during the middle of the dark and the subsequent afternoon it is business as usual for everyone who have smaller number than 100k deposited [the FDIC insurance limit].
Only in the most dire of circumstances would an unexciting entity's deposits not be covered and available the subsequent hours of daylight.
oops ... your fears get you again
Ha...Ha.. you shrunken partially a morning trying to receive money specifically insured.
Countrywide will dance in debt. You could own have a long linger to gain your $. I would enjoy done equal entry. You are lucky to own done it Friday.
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Answers:
Regardless of FDIC insurance, the funny piece is this.
Have you ever met anyone that have bursting a claim next to FDIC to catch their returned funds? As I take the history at the rear the FDIC be started because the final time nearby be a run at the ridge during the great depression.
Since 1920 when is the second time anyone hear of a run at the bank?
Yeah, it's not a desperate perception to snatch your currency and run.
From a word article on the trellis a hours of daylight or two ago:
However, the turmoil could spook depositors at Countrywide Bank, an Alexandria, Va.-based stash and loan that have grown dramatically since Countrywide Financial bought it in 2000. Nearly 40% of the mound's $57.7 billion within deposits be not insured by the Federal Deposit Insurance Corp. as of March 31, according to the FDIC website.
"If something happen to the parent company, the sandbank should be capable of stand alone," said FDIC spokesman David Barr, who advise worried depositors to homily to the sandbank more or less structuring their accounts so they are completely insured. The FDIC insures individual accounts up to $100,000, but a married couple can insure up to $1 million in deposits at a single institution by setting up multiple accounts, Barr said.
Your money be FDIC insured. Yes sir, you panic.
The stock exchange have suffered this week because of such hysterics. The feds checked within and dropped the interest rate 1/4 point to silence the Dow down.
I should be panic, because >60% of my equity (including the house) is in the stock exchange. But I am not.
I deem the mortgage deflation may organize to a take on marketplace, but it indeed isn't doomsday.
congratulations on joining the crowd. 8-[
no, the financial system isn't going to implode. The Federal Reserve lowered the discount rate [loan rate to banks] Friday break of day precisely as a symbol to the market that they aren't going to consent to this sort of article come to pass.
Even if an FDIC insured ridge fail, the plausible worst outcome is that some much stronger hill take over during the middle of the dark and the subsequent afternoon it is business as usual for everyone who have smaller number than 100k deposited [the FDIC insurance limit].
Only in the most dire of circumstances would an unexciting entity's deposits not be covered and available the subsequent hours of daylight.
oops ... your fears get you again
Ha...Ha.. you shrunken partially a morning trying to receive money specifically insured.
Countrywide will dance in debt. You could own have a long linger to gain your $. I would enjoy done equal entry. You are lucky to own done it Friday.