Countrywide is offering the highest rates I can find on a CD right now 5.49%, min 10k, for 1 year.
It’s obvious they’re desperate for money, but how can they do this? Or more importantly, isn’t this quite a risk? Sure it’s FDIC insured, but what happens if you open a CD with CW and they go BK? Do you get your money back? Does FDIC pay you out? What about interest?