Is Countrywide Bank separate from Countrywide mortgage?

[susa]

Is Countrywide Bank separate from Countrywide mortgage?

ie. if the mortgage business is rated junk, does that mean the bank business with it’s FDIC insurance is spared ? by spared, I mean that accounts in Countrywide bank with FDIC insurance should be Ok

[bsrsharma]

http://www.latimes.com/business/la-fi-countrywide16aug16,0,1376411.story?page=1&coll=la-home-center

…………..However, the turmoil could spook depositors at Countrywide Bank, an Alexandria, Va.-based savings and loan that has grown dramatically since Countrywide Financial bought it in 2000. Nearly 40% of the bank’s $57.7 billion in deposits were not insured by the Federal Deposit Insurance Corp. as of March 31, according to the FDIC website.

“If something happens to the parent company, the bank should be able to stand alone,” said FDIC spokesman David Barr, who advised worried depositors to talk to the bank about structuring their accounts so they are completely insured. The FDIC insures individual accounts up to $100,000, but a married couple can insure up to $1 million in deposits at a single institution by setting up multiple accounts, Barr said……………..

[bsrsharma]

http://www.latimes.com/business/la-fi-countrywide16aug16,0,1376411.story?page=1&coll=la-home-center

…………..However, the turmoil could spook depositors at Countrywide Bank, an Alexandria, Va.-based savings and loan that has grown dramatically since Countrywide Financial bought it in 2000. Nearly 40% of the bank’s $57.7 billion in deposits were not insured by the Federal Deposit Insurance Corp. as of March 31, according to the FDIC website.

“If something happens to the parent company, the bank should be able to stand alone,” said FDIC spokesman David Barr, who advised worried depositors to talk to the bank about structuring their accounts so they are completely insured. The FDIC insures individual accounts up to $100,000, but a married couple can insure up to $1 million in deposits at a single institution by setting up multiple accounts, Barr said……………..

[bsrsharma]

http://www.latimes.com/business/la-fi-countrywide16aug16,0,1376411.story?page=1&coll=la-home-center

…………..However, the turmoil could spook depositors at Countrywide Bank, an Alexandria, Va.-based savings and loan that has grown dramatically since Countrywide Financial bought it in 2000. Nearly 40% of the bank’s $57.7 billion in deposits were not insured by the Federal Deposit Insurance Corp. as of March 31, according to the FDIC website.

“If something happens to the parent company, the bank should be able to stand alone,” said FDIC spokesman David Barr, who advised worried depositors to talk to the bank about structuring their accounts so they are completely insured. The FDIC insures individual accounts up to $100,000, but a married couple can insure up to $1 million in deposits at a single institution by setting up multiple accounts, Barr said……………..

[The-Shoveler]

Nor_LA-Temcu-SD-Guy

Yea We have a FDIC CD with Countrywide Bank,

My wife was on the phone trying to get our money out anyway,

Took all day to get through, seems they are having a bit of a run on the bank.

[The-Shoveler]

Nor_LA-Temcu-SD-Guy

Yea We have a FDIC CD with Countrywide Bank,

My wife was on the phone trying to get our money out anyway,

Took all day to get through, seems they are having a bit of a run on the bank.

[The-Shoveler]

Nor_LA-Temcu-SD-Guy

Yea We have a FDIC CD with Countrywide Bank,

My wife was on the phone trying to get our money out anyway,

Took all day to get through, seems they are having a bit of a run on the bank.

[bsrsharma]

money out anyway

Did you want to cash the CD before due date? That may cause them some problem. I can't believe they can hold up funds rightfully yours and remain solvent.

[bsrsharma]

money out anyway

Did you want to cash the CD before due date? That may cause them some problem. I can't believe they can hold up funds rightfully yours and remain solvent.

[bsrsharma]

money out anyway

Did you want to cash the CD before due date? That may cause them some problem. I can't believe they can hold up funds rightfully yours and remain solvent.

[The-Shoveler]

Nor_LA-Temcu-SD-Guy

Our CD had just Matured, But there may be others who just want out anyway they can get, (If FDIC then I would wait until the CD Matured, unless you had over the 100K per SSN in there).

[The-Shoveler]

Nor_LA-Temcu-SD-Guy

Our CD had just Matured, But there may be others who just want out anyway they can get, (If FDIC then I would wait until the CD Matured, unless you had over the 100K per SSN in there).

[The-Shoveler]

Nor_LA-Temcu-SD-Guy

Our CD had just Matured, But there may be others who just want out anyway they can get, (If FDIC then I would wait until the CD Matured, unless you had over the 100K per SSN in there).

[susa]

how’s GNMA Bank ? anyone here using their money market account with check writing ?

[susa]

how’s GNMA Bank ? anyone here using their money market account with check writing ?

[Author]

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