For example, my mortgage is through JP Morgan Chase. Do credit cards and mortgages and such just get wiped out? Or do they demand people pay their balances all at once? Or does another bank buy them out and the debts are transferred? How does all of that work?
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When banks go bankrupt... Historically other Banks buy the debt. They still charge you. Mortgages are traded like stocks. It's how debt is exported. Someone is holding the paper for the debt. If you pay it off early, they lose money. This is why early loan repayments reflect negative on credit reports. Higher chance of not getting full value of investing in your debt.
I don't trust gov. and banks. Last time they bailed them out when they should have punished them. They have a habit of making up rules, claiming it's universal. Little guy gets f'd. Then when big guy gets caught, exceptions made. The shit part of this is, if the bank goes under, then the next one steps up a hires the people that ruined the first one. Once this shell game breaks the USD is gone. Hoping those mad-Lads messing with GME will cause a ripple effect. Think I see the trick they are doing, exporting the debt to the next major market.. when they shift over there, they move the debt back to the USA. I need to see punishments for what these banks do, not more regulations to hide behind.
Usually bought out by a different bank. A lot of times you won’t even know. Our mortgage company was consolidated into another bank a couple years back. Fucked up my taxes a bit because I had to wait for the print out from each bank.
Would this work for a sum as large as a house mortgage though?
Surely they have weaseley legal ways of screwing you though, like acquiring the folded company first and saying we still the same entity?
Thanks for the tip, could be extremely relevant in the coming weeks/months! God bless
I have heard this theory. Along with debt collectors. Man I should of fought that with the mortgage company. I will def keep this in mind if any company we use bellies up with what’s going on. Hahaha
But, in this case it's JPMorgan, one of the big 4 that are allowed to freely print Fed funny money. If they fail, the rest will, too.
If JPMorgan fails becuaee of the GME thing, and others, ALL the big banks fail, too. There won't be a bigger bank to buy them out, and there won't be a bailout from the Fed because the Fed will go tits up, too. If we do this right, everyone will inevitably get a clean slate. No one will lose their homes, cars, businesses, etc because there isn't enough available money in the markets to cover this when the WHOLE stock market, ALL of them, go tits up from this.
It likely gets bailed out by benevolent taxpayers who would have zero choice in the matter.
Or, deals are cut as you saw with this Gamestonk where the Rulez change mid Game.
Or, the parties causing the thing are discovered to be terrorists who attacked the LGBTQ States of America and are therefor condemned and their claims to silver or Gamestonk are mooted.
Your mortgage will not be wiped out, no, what you owe you still owe, the paperwork might change but they still want your money.
There will be some pain in all this, some folks are going to experience more pain than others. The point is to end the Federal Reserve, expose and hopefully eradicate the banking/financial frauds and free millions of people from poverty as we cull billionaires. Well maybe not 'cull', but rework their empires some shall we say.
https://files.catbox.moe/net6ty.png
It’s all fake. Just like our president
Impressive length
Jp Morgan go bankrupt lol obviously don’t know much about J.P. Morgan they’d be the last to go bankrupt
this^
The WHOLE system will be replaced.
Q and DJT didn't invest most of their lives into this so we could fix up the old place.
Nope, we're starting over with a new foundation.
They (Chase Bank & JP Morgan & Co.) helped Nazi Germany during WW2. Surprisingly, not a lot of folks know this.
https://www.reddit.com/r/todayilearned/comments/ggs4k8/til_chase_bank_and_jp_morgan_co_helped_germany_in/
The government takes our money and props them up
What about deposit accounts like savings, checking? What happens to your money if they go bankrupt and there is no "debt" to sell?
That's where the FDIC comes in, and they probably find another bank or banks to take on the deposit accounts.
All the debt they hold will be sold to the highest bidder. Unfortunately for us debt is transferrable from one collector to the other.
Remember Cypress. The next big bank failure will not be resolved with a government Bail-Out. It will be resolved by a depositor Bail-In. It’s now legal for a big bank to confiscate your money. https://www.popularresistance.org/docs/bail-in.pdf
Depending on the type of mortgage, it might be owned by Sallie Mae or another organization like mine is. The bank where I took out the mortgage just handles the payments on their behalf. And as already mentioned another bank would probably buy them out.
The entire financial system will implode, I don't think there is a financial institution(s) big enough to take on the debts. Just look at how many trillions are dedicated to interest rate swaps.
https://youtu.be/is4lH6gCOsA
Saving, checking, investment accounts covered by FDIC?
Is that a rhetorical question?