wise_one asked:
What can happen when a bank becomes bankrupt?
i just found out my bank has bankrupt, the same bank that gave me what i needed to buy a townhouse.
What can happen when a bank becomes bankrupt?
i just found out my bank has bankrupt, the same bank that gave me what i needed to buy a townhouse.
Now what would happen to me and all other people now that the bank becomes bankrupt?
Is that bad or good?
the gov’t will back deposits and some other morgage company will likely buy your loan…its not good but atleast it isn’t as bad as the depression
It did not go bankrupt, it went into receivership You’re insured to $100,000 by FDIC.