How safe is money in Countrywide Bank

senior-advisor-indiana · 08-17-2007, 04:20 PM

Well, I didn't know you were going to dissect my statement. I did not mean for a young agent to use an annuity as thier savings account. It doesn't matter if you only put $25 a month or whatever. Something though. What other kid of investment could you have that you know is not gonna lose any of the nmoney you have earned and gaurantees you payments for life.

So Chumps, are you saying that someone who is 25 shouldn't put any money in a 401k at the factory they are working at becuse of the 10% IRS penalty?

007 · 08-22-2007, 03:10 PM

Quote:

Originally Posted by al3

I have several substantial CDs in Countrywide Bank. Each is structured under a different name/account such that I have FDIC protection. That much I'm sure of... but can I sleep at night?

You all read the papers and hear the news about their mortgage division. If it goes paws up, does the bank go too?

Does the FIDC really have enough money to bail out all of the depositors of CW? Is there REALLY an FDIC... or will this end up being another house of cards? Will they REALLY pay off the depositors? When? In ten years or so? We going to see a "Katrina response" to this from the Feds? Am I going to lose all my money on deposit? (I'm sure I'll lose pending interest.)

Any help you can provide will save me taking Ambian to sleep at night!!!

Al

Pull your money ought of countrywide Al. Vice-president of a branch in countrywide branch pulled out 500k last week from CW bank along with other customers. Rumors circulating that CW is in big trouble financially because of the high risky loans which are not doing to well in the secondary market. Bad Subprime market now is spreading to the alt-a market which was displayed last week by Greenpoint lender(division of capital one) went of business. Many many lenders gone under or out of business in past six months...

INMO, put your money in a solid Brand name bank and not a mortgage lender banK!! Stay away anything related to mtg. for now because of this big correction/contraction. You have to ask yourself this question. What happens if they did go out of business today? Am I able to withdraw funds or do I have to wait for years to receive my funds through FDIC procedures?