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Stupid Mortgage Question!?

This post was published 3 years 7 months 23 days ago which may make it a bit inaccurate or irrelevant today. Things change and I cant keep checking old posts for validity. I wont be held responsible for any misunderstanding. Leon - Reverb Studios

I hate to mention the ‘R’ word with everyone else going on about the doom and gloom non f****** stop but I’ve had cause to think seriously about getting a mortgage recently and a friend pointed out something very obvious, perhaps stupid but nonetheless valid!

Ok, so I have a pile of savings in a major irish bank and this credit crunch forces the bank in question to capitulate and take with it my hard earned savings. Pretty gruesome thought and one that tempts a person to go out and get in line around the block demanding withdrawls!

However, what if I had a mortgage/loan from said bank and it went under, would I have to pay it back!!? They’ve lost my money so can’t I loose theirs!?

Think about it.

Leon.

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Posted in General, On a Positive note! on September 29th, 2008
Tags: irish banks, mortgage, recession
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http://xbox4nappyrash.blogspot.com/ Xbox4NappyRash

From what I understand your savings are insured now up to 100K per account (raised from 20K just a couple of weeks ago)

The mortgage question is a good one, I’m curious myself.

If they went bust, totally, no takeover, no merger, just bust, what would happen?
http://homework.blogs.ie joe

You could always ask on Askaboutmoney ……. but then again maybe not! You might get told off like a naughty schoolboy again for not searching for the answer. That Clubman is a right pain in the …
http://www.reverbstudios.ie Leon

I dare not ask the same question there, he’d probably think it was too stoopid a question to ask! Better go check see if he’s deleted me!
http://www.reverbstudios.ie Leon

Ha – they have banned me!
http://homework.blogs.ie joe

Try boards.ie – much friendlier there (usually).
I also find I get much more clicks on signature links on boards.ie than askaboutmoney.
http://www.reverbstudios.ie Leon

I’m on boards already, gonna try other irish forums dedicated to finance, theres gotta be better ones that AskAboutMoney. At least I got my info before they kicked me off!