Or if it is in the terms, call them. That is fun. I saw a ton of loans called in the early 90s that wiped out a bunch of folks who were never behind
Saw that too. People who had run a business successfully for 20 years having loans called and having to close the business. Their mistake, if there was a mistake, was to expand with credit to take advantage f incresed markets [the usual way small business expands], but not necessarily recklessly. Ultimately banks call loans that are recoverable to bolster their balance sheet - those made to sound businesses. The decision was made by a computer at HQ with the branch Manager someone might have known for 20 years powerless to override the decision based on his experience of the client.
if? LOL, read your business wires and read between the line. IF? IF the are bankrupt..... Fuck, don't you guys know how to do your research, are you waiting for the MAIN STREET PRESS to tell you they are bankrupt. While your at it, you might want to research BAC, CITI and WAMU. They could be IFs. ov vey
Yep, they will deny they are filing until the exact second they file and thus can't deny it any more. Right now it's just a game of buy time/strip what you can.
i was thinking of opening a CD account with CFC (they give the best rates), will my money be safe in there? (its FDIC insured)
Yes your cd will be safe, BUT if you need the money while this mess is going on you may not be able to get to it. It can take some time to transfer the assets. During the savings and loan crunch my s and l went bankrupt. It was a 6 month cd, but I could not get my money for almost a year. Yes they paid full interest, but I could not have gotten to it if I really needed it.
Another question along similar lines. I took out cash using one of those convenience check things from Washington Mutual so if WAMU was to go under then what happens to the balance I owe on those checks? Does WAMU force me to pay it all at once in order to try and payback losses or does the debt get wiped? WAMU bankrupt....wow I would never have even thought it possible a year ago!