This is another example of the need to determine exactly where you mortgage loan resides. If you used to be with a mortgage company that no longer exists or filed bankruptcy than it is very likley your tax dollars have bailed out your mortgage.
While this is more funny than helpful, this Bloomberg article points out a need that is real. Proper plans need to be in place to resolve the “To Big To Fail” problem other than us the taxpayer pciking up the tab.
Nothing like paying twice huh?
- The Bank Slayer
FDIC Approves Proposal for Large Banks to Write ‘Funeral Plans’
May 11 (Bloomberg) — The Federal Deposit Insurance Corp. board approved a proposed rule that would require about 40 U.S. financial institutions to submit annual contingent resolution plans — “funeral plans” — that would demonstrate how to wind down the company in the event of its failure.
FDIC board members voted unanimously to release the proposal for public comment during a meeting in Washington today. The proposed rule would apply to depository institutions with more than $10 billion in assets that are part of a bank holding company with assets of more than $100 billion.
Senators Mark Warner, a Virginia Democrat, and Bob Corker, a Tennessee Republican, have pushed for a similar proposal for all large financial institutions in the financial-overhaul bill now on the Senate floor.
To contact the reporter on this story: Phil Mattingly in Washington at pmattingly@bloomberg.net
