Cause for concern?

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Jogeephus

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Just learned yesterday that the bank I have my house financed with is now under the control of the federal government. No one has notified me of any change. Was told they made some really stupid loans after the conservative founder sold out. Do you think I should be concerned?
 

1982vett

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Doubt it, your loan now belongs to the bank that bought the assets of the old bank.

I mean, as long as you take care and feed the 15 deadbeats that show up, I'm sure the government will let you live in their house.
 

Lammie

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Happens in Texas all the time. Nothing changes. My bank started out as Southtrust Bank, then went to something else, then Wachovia and now I can't remember who owns it. The Wachovia sign is still out there, but WAMU or someone bought it. My old bank was in receivership for years back in the eighties.
 

dyates

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There is reason for concern. Is there still a warm-blooded, breathing person in your hometown bank, whom you know and trust, that you can interact with concerning your account? If yes, then fine. Otherwise, move your account. I've know more than one person who got burned because a telephone was the only line of communication between a lender who was thousands of miles away.
 

HerefordSire

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Jurisdiction of criminal penalties could change. In other words, you could be sitting in an air conditioned cell. :mrgreen: :mrgreen: :mrgreen:
 

Jalopy

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If truth be known you may be safer now with different personnel than before. It is just that now everyone suspects they know what is going on(which they probably don't) and before they "knew" everything was okay. (when it evidently wasn't).

Lammie- Wells Fargo purchased "merged" with Wachovia.
 

dun

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I would be worried about and organization (the government) that can;t make a profit running a cat house and selling booze (Mustang Ranch)!
 

lakeportfarms

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Just make sure you don't call yourself the owner or CEO of your house, or they'll fire you and replace you with a political friend they owe a favor to.
You might want to form your own union, then the Gov't will give you 70% and stiff the secured creditors. (Just make sure to vote for them next election in exchange for this).
 

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