On February 10, 2012 the FDIC took over a local small town Indiana bank. If you have read about the process, you know it is very clandestine until the takeover day. On a Friday afternoon, FDIC standard operating procedures, several FDIC employees enter the bank to take over everything. They confiscate the keys, money, files, computers, etc. They work endlessly all weekend, and then open up under control of the FDIC on Monday. The purchase of the bank assets are sold to another bank. All clients of the bank are told to contact their new bank for additional information.....UNLESS....your loan is delinquent. IF your loan is delinquent, you get to talk to the FDIC. Your loan is in limbo, until it is sold to an investor. The Keywords are Government and confusion. Need I say more?
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