The largest U.S. bank failure ever came last year: Seattle-based thrift Washington Mutual Inc. fell in September, with about $307 billion in assets. It was acquired by JPMorgan Chase & Co. for $1.9 billion in a deal brokered by the FDIC.
If they were true assets then why did the FDIC sell them for less than 3/4 of 1% of the actual value. Is this a good use of our tax dollars?
I wonder if we offered less than 1% of the value for an FHA foreclosure if FHA would take it?
Lets say for example the home has a value of $200,000 and we offer $1800.00 for it, by the standard set by the FDIC, they should take it, right?
Yes, I know it's sounds stupid, but why is it good for the big guys and not for the citizenry?
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2012 ActiveRain Corp. All Rights Reserved
