$517,000,000,000 in unrealized loses hits US Banking System as FDIC warns 63 lenders on brink of insolvency
(twitter.com)
ECON & BANK COLLAPSE 💸
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What happens if a bank goes under that handles my mortgage?
If you have a mortgage and a savings account the bank keeps your savings account and sells your mortgage to another bank. You still have to pay the mortgage even though they took your money. That's why I worked so hard to pay off my mortgage
Depends if you're Oprah Winfrey or not. If she's got $500M with the bank then the saving would be protected. Otherwise you're on the oily end of a flagpole. ( I hope this is a saying in America as well. Never know when you're not from that country)
Never heard that saying before but it a good one.
Nope, I've never heard that saying, but it's a good one. I'll be appropriating that one!!! What country is it from?
Australia, but the common term is pointy end, but some of us like to"use oil in place of pointy so it goes in real deep.
Fire sale to someone else.....but not you.
The US government steps in and "assists" with the sell off of assets to another bank...likely JP Morgan. Then you start sending them your monthly mortgage payment.
What happens when all banks go under?
The FDIC steps in when a bank fails and takes over. The system is designed so that not all banks would fail at one time.
Hypothetically, if it did happen, it would be great depression 2.0. But, things would be hell for 3 days till the feds could get the banks taken over. No funds can move during this time, so you can imagine how everything would come to a standstill. You could also expect riots and looting.
10 days of darkness. No banking, things going crazy. Then at the end, people will see how crazy things are and will insist on putting President Trump back into office immediately.
Banks also would not accept checks from other banks even bank checks. The banks would take the check but you would have to wait until the checks cleared. They would take a week or two to clear. Maybe even longer. Banks would not trust other banks.
JP Morgan is not in great shape either.
That is good news, imho
But... does the cash you have in checking, savings, CD's, etc. also go to the new bank? I am wondering if I should pull what little I have out, and let the debts that I've needed to incur just end up where they end up.
Keep current for now. They will print for a while to keep it afloat. 517 billion seems like a lot, but remember we spend twice that every 90 days
Thanks!