When WAMU and Wacovia go belly up
Submitted by freespeech on Fri, 08/01/2008 - 13:34
Hi ya'll- need some information...
What happens to the mortgages that these banks "own"?
I admit that I need a lesson and I am realing with what to do.
My loan is a traditional loan and paid in full and ahead by 3 months, however, if/when the bank-in my case WAMU- crumbles, what will happen to my mortgage? will it be sold to another company or what? any help is very appreciated. thank you in advance and peace to the patriots one and all!
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It's a debt instrument and just like any other debt
instrument or property for that matter, in that it's ownership (including legal rights, obligations and income derived from it) can be sold, transferred or otherwise assigned to another entity; possibly, an entity who purchases the bank or whomever gains legal control or ownership of the banks assets. Obligations of the person responsible for paying the mortgage won't disappear.
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"An economy built on fiat money is a society on its way to ashes."
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"An economy built on fiat money is a society on its way to ashes."
perfect. thank you austrianschool
much appreciated and now i will go back to my brownies!!
president ron paul president ron paul president ron paul
~peace
~peace