Stupid Mortgage Question!?

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.

Published by

Leon Quinn

Multimedia Design company in Leitrim, Ireland specializing in WordPress Website Design, Photoshop and Graphics. www.reverbstudios.ie

6 thoughts on “Stupid Mortgage Question!?”

  1. 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!

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  2. Try boards.ie – much friendlier there (usually).
    I also find I get much more clicks on signature links on boards.ie than askaboutmoney.

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  3. 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 …

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  4. 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?

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