Countrywide bank – is it safe?

[kev374]

Was about to open a CD at CountryWide bank but after reading this I am a bit hesistant. I know it’s FDIC insured but if the bank does go under does the insurance guarantee the full amount? Will I have to go through hoops to get my money back from FDIC?

What if the bank is under some criminal investigation and their assets are frozen will there be a situation in which the depositors are in limbo until the outcome of the case is determined? Just putting some thoughts out there…
the rate is very good right now at 5.4% APY on a 6month CD.

http://www.mercurynews.com/news/ci_7442951?nclick_check=1

[patientlywaiting]

A couple of weeks ago, I opened a CD with Countrywide at 5.65% APY (looks like rates have come down a little). It should not be a problem even in case of bank failure as long as you have less than the limit on deposit.

In the 1990s I had CDs at Imperial Savings and Home Fed. When they failed, the Resolution Trust Corporation came in and ran the banks until they found buyers for the assets. No big deal.

http://en.wikipedia.org/wiki/Resolution_Trust_Corporation

[patientlywaiting]

A couple of weeks ago, I opened a CD with Countrywide at 5.65% APY (looks like rates have come down a little). It should not be a problem even in case of bank failure as long as you have less than the limit on deposit.

In the 1990s I had CDs at Imperial Savings and Home Fed. When they failed, the Resolution Trust Corporation came in and ran the banks until they found buyers for the assets. No big deal.

http://en.wikipedia.org/wiki/Resolution_Trust_Corporation

[patientlywaiting]

A couple of weeks ago, I opened a CD with Countrywide at 5.65% APY (looks like rates have come down a little). It should not be a problem even in case of bank failure as long as you have less than the limit on deposit.

In the 1990s I had CDs at Imperial Savings and Home Fed. When they failed, the Resolution Trust Corporation came in and ran the banks until they found buyers for the assets. No big deal.

http://en.wikipedia.org/wiki/Resolution_Trust_Corporation

[patientlywaiting]

A couple of weeks ago, I opened a CD with Countrywide at 5.65% APY (looks like rates have come down a little). It should not be a problem even in case of bank failure as long as you have less than the limit on deposit.

In the 1990s I had CDs at Imperial Savings and Home Fed. When they failed, the Resolution Trust Corporation came in and ran the banks until they found buyers for the assets. No big deal.

http://en.wikipedia.org/wiki/Resolution_Trust_Corporation

[CBad]

I opened up a Countrywide CD and savings account recently as well. I’m not worried about it.

[CBad]

I opened up a Countrywide CD and savings account recently as well. I’m not worried about it.

[CBad]

I opened up a Countrywide CD and savings account recently as well. I’m not worried about it.

[CBad]

I opened up a Countrywide CD and savings account recently as well. I’m not worried about it.

[The OC Scam]

Countrywide issues ratings warning
Countrywide Financial Corp. (CFC:Countrywide Financial Corp
News, chart, profile, more
Last: 13.19-0.64-4.63%

4:01pm 11/12/2007

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CFC 13.19, -0.64, -4.6%) warned in a securities filing that further cuts in its credit ratings to junk-bond levels could “severely” limit its ability to raise money in public debt markets and cause it to lose bank deposits.

Do you want to find out how long it takes for the FDIC insurance ot kick in?

[The OC Scam]

Countrywide issues ratings warning
Countrywide Financial Corp. (CFC:Countrywide Financial Corp
News, chart, profile, more
Last: 13.19-0.64-4.63%

4:01pm 11/12/2007

Delayed quote dataAdd to portfolio
Analyst
Create alertInsider
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Financials
Sponsored by:
CFC 13.19, -0.64, -4.6%) warned in a securities filing that further cuts in its credit ratings to junk-bond levels could “severely” limit its ability to raise money in public debt markets and cause it to lose bank deposits.

Do you want to find out how long it takes for the FDIC insurance ot kick in?

[The OC Scam]

Countrywide issues ratings warning
Countrywide Financial Corp. (CFC:Countrywide Financial Corp
News, chart, profile, more
Last: 13.19-0.64-4.63%

4:01pm 11/12/2007

Delayed quote dataAdd to portfolio
Analyst
Create alertInsider
Discuss
Financials
Sponsored by:
CFC 13.19, -0.64, -4.6%) warned in a securities filing that further cuts in its credit ratings to junk-bond levels could “severely” limit its ability to raise money in public debt markets and cause it to lose bank deposits.

Do you want to find out how long it takes for the FDIC insurance ot kick in?

[The OC Scam]

Countrywide issues ratings warning
Countrywide Financial Corp. (CFC:Countrywide Financial Corp
News, chart, profile, more
Last: 13.19-0.64-4.63%

4:01pm 11/12/2007

Delayed quote dataAdd to portfolio
Analyst
Create alertInsider
Discuss
Financials
Sponsored by:
CFC 13.19, -0.64, -4.6%) warned in a securities filing that further cuts in its credit ratings to junk-bond levels could “severely” limit its ability to raise money in public debt markets and cause it to lose bank deposits.

Do you want to find out how long it takes for the FDIC insurance ot kick in?

[bub]

Thanks kev374 for demonstrating the principle of Moral Hazard with a real world example.

Oh btw if Countryslide fails and you have to wait for it all to get sorted out don’t make the mistake of posting about it here.

Is it safe? Unfrickin believable!

[bub]

Thanks kev374 for demonstrating the principle of Moral Hazard with a real world example.

Oh btw if Countryslide fails and you have to wait for it all to get sorted out don’t make the mistake of posting about it here.

Is it safe? Unfrickin believable!

[Author]

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