$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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I hope Wells and US Bank are included. Both are trash companies.
What happens if a bank goes under that handles my mortgage?
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.
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