2007-08-16 03:27:09 · 9 answers · asked by leadfoot 1 in Business & Finance ➔ Personal Finance
No, for one bank accounts are federally insured up to $100,000 per institution per person. And, two, I imagine the bank and mortgage divisions are completely separate.
2007-08-16 03:30:33 · answer #1 · answered by sortaclarksville 5 · 0⤊ 0⤋
For one, Countrywide will not go bankrupt. They have more than enough liquidity to cover the secondary loans they haven't been able to sell AND they will no longer be doing loans that they aren't sure they can sell. Meaning that subprime borrowers will have a very difficult time getting loans. Prime loans + buyers/investors = profitability.
In other words, your money will be safe.
2007-08-16 11:18:05 · answer #2 · answered by rocky 1 · 0⤊ 0⤋
No banks are insured by the FDIC so your account will be coverd under that. But probably even before that the bank will be bought out by another bank, that is what usually happens.
FDIC insures accounts up to $100,000 per bank...so as long as you don't have more than that all your money is safe.
2007-08-16 04:48:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
they are FDIC insured so until you have surpassed the barriers of insurance i does not hassle approximately it. they have an insurance calculator so which you could use to double verify on it the link is listed under. you could have better than $one hundred,000 in deposits in a economic enterprise and nevertheless be insured. case in point ira's are FDIC insured as much as $250,000. Say in case you had an a cd for purely a $one hundred,000 and basically your call replaced into on it. you could purely have a 100k of FDIC insurance on it. yet once you had 6 beneficiaries on it you have that cd be $600k and nevertheless have it insured. it particularly relies upon on how those bills are titled. Oh and as a techniques because of the fact the guy asserting wamu can't fail... wager back.. To be completely honest i could heavily look at going with a community economic enterprise. a superb type of those banks that are having those themes have been given in touch with those own loan backed securities and subprime lending and now are having themes with them. a superb type of community banks in no way have been given in touch with the completed volatile subprime/own loan backs so that they are alot greater sturdy than those insititutions that theory they have been too super to fail..
2016-12-15 16:54:00 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Your deposits are insured up to $100,000. Even if the company fails, the chance that the bank would ever stop operating is extremely remote.
2007-08-16 03:30:35 · answer #5 · answered by DAN H 2 · 0⤊ 0⤋
Chances are very high. But if it is secure by FDCI then you should be OK .. the gov will bail out the bank and you will get the money .. but it may take some time.
2007-08-16 03:39:01 · answer #6 · answered by Fuad H 2 · 0⤊ 0⤋
If the bank was FDIC insured then your savings account would e safe up to 100k.
2007-08-16 03:33:38 · answer #7 · answered by motherofthree 4 · 0⤊ 0⤋
i believe your deposit with the said bank is covered by a general insurance but only to a certain extent of amount..like in our country deposits in a single account will be covered up to Curr250,000...any amount in excess of that will be dealt with according to the outcome of any claims suit or whatever...lost or paid in proportion of the remaining assets or like that...
2007-08-16 03:34:31 · answer #8 · answered by pinemirati 2 · 0⤊ 0⤋
just read the latest Countrywide news [see http://money.cnn.com/2007/08/16/news/companies/countrywide/index.htm]
no mention of bankruptcy being anytime soon?
what are you reading? or are you simply scared??
:-)
2007-08-16 03:33:04 · answer #9 · answered by Spock (rhp) 7 · 1⤊ 0⤋