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July 26, 2008
Locate Failed Banks - Money Tip
posted by Jack
Click this link to see a list of failed banks. Click here.
Tip: Did you know you can buy loans from the FDIC? When the FDIC takes over a failed bank they also manage the banks assets and this includes their loan portfolio. These loans can be sold to the public. A bank loan portfolio may include well secured commercial and private properties and sometimes excellent personal notes. The loans can range from under a thousand into the millions.
It is possible to buy a 1st deed of trust from the FDIC for a dscounted price and resell it to someone else for a profit or hang on to it and collect the interest plus principle.
Posted by Post Scripts at July 26, 2008 09:43 AM
Comments
Hey Jack:
As a money tip, this is a total bust. We don't need a list of banks that have failed. That has been widely publicized. We need the list of banks that are about to fail.
ps
The FDIC has that list, but they will not share it with anyone, so how are we supposed to know where to deposit our money?
Posted by: Dan at July 27, 2008 08:47 AM
Not to worry, just keep your checking account under a 100k. (The rest goes under the mattress)
Posted by: Jack at July 27, 2008 09:49 AM
Thanks Jack - this is a huge help!!!
Take Care!
Posted by: Aaron Park at July 27, 2008 04:21 PM
But there is still a problem, even though the deposit is insured by the FDIC. Besides losing all your interest on a CD (only the principal is insured), you also suffer the huge inconvenience and red tape of getting your money back from a closed bank.
My point was that the FDIC and the banks that are in trouble are deceiving the public by offering CD's, often at a promotional rate, and not telling the depositors that the bank is on the verge of being closed down because it can't meet its obligations. As an investor in stocks, you know very well that if a publicly traded company did that with stock offerings it would be open to huge lawsuits, if not criminal charges for the CEO's. Wasn't that the case with Enron and several other companies? To omit relevant information to an investor is corporate fraud, in this case, fraud aided and abetted by the federal regulatory agency that is supposed to protect us.
Posted by: Dan at July 27, 2008 08:52 PM