We got this from Ming Lee, who writes about noticing something strange on an envelope:

I received my monthly mortgage statement from Franklin Bank, and usually I don't look too closely at the address window. But this week when I looked it read: Federal Deposit Insurance Corporation Receiver for Franklin Bank.
Since I don't have any deposits with Franklin Bank, only my mortgage, the FDIC receivership doesn't impact me, does it?

Yes, it does impact you, but not necessarily in a bad or scary way.

You don't have to worry about a loan coming due as soon as an institution fails. The FDIC has adhere to the terms and conditions of the loans. That said, your loan will probably be sold off, either right away or soon.

When that happens you should receive a notice with information about where to send payments. Then you'll start seeing a completely new name in the address window.

categories: Questions from You

11:16 - May 21, 2009

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