To: Para-Ord.45
Do you know, or can you guess, at what will happen if Wells Fargo and JPMorgan cease to exist? What happens to the monies owed them, for houses, automobiles, and credit cards?
7 posted on
12/09/2011 10:15:48 PM PST by
SatinDoll
(NO FOREIGN NATIONALS AS U.S.A. PRESIDENT)
To: SatinDoll
Do you know, or can you guess, at what will happen if Wells Fargo and JPMorgan cease to exist? What happens to the monies owed them, for houses, automobiles, and credit cards?
Good question, I've always thought that myself. It is like the reverse of somebody who dies and there are no relatives, what happens to any debts?
11 posted on
12/09/2011 10:24:37 PM PST by
Nowhere Man
("People should not fear their government, their government should fear the people." - V for Vendetta)
To: SatinDoll
I believe the failed banks, including loans and credit card accts (assets) are taken over by the FDIC and resold to other banks. Customer deposits (liabilities) are insured up to $250,000 per eligible account so they will be taken by whichever bank buys the failed one
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson