Today is DIFFERENT

Quote from IanMacQuaide:

I'm lost. (nothing new there)
Did BBVA actually BUY Guaranty outright?
No stealth backup deal from GS or JPM or "da Gubmint?
I'm suspicious, to say the least.
More...
http://www.fdic.gov/news/news/press/2009/pr09150.html

Excerpt from the above: "The FDIC and BBVA Compass entered into a loss-share transaction on approximately $11 billion of Guaranty Bank's assets. BBVA Compass will share in the losses on the asset pools covered under the loss-share agreement."

Feel free to call the friendly folk at the FDIC on the toll-free number provided, if you have any further questions.
 
Quote from IanMacQuaide:

I'm lost. (nothing new there)
Did BBVA actually BUY Guaranty outright?
No stealth backup deal from GS or JPM or "da Gubmint?
I'm suspicious, to say the least.
More...

The FDIC and BBVA entered into some sort of shared loss agreement...but, holy crap...did you just cause me to go paranoid!!!!

WTF does this mean?!?!?! From the FDIC web site...

from here -> http://www.fdic.gov/bank/individual/failed/guaranty-tx.html

"You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with BBVA Compass as long as the deposits are not pledged as collateral for loans."

Are they just saying Certificates of Deposit and stuff like that??? That I can understand, but regular savings deposits or checking accounts...you could face an early withdrawal penalty, if you actually sign the funds into an account???

-gastropod
 
Quote from gastropod:

The FDIC and BBVA entered into some sort of shared loss agreement...but, holy crap...did you just cause me to go paranoid!!!!

WTF does this mean?!?!?! From the FDIC web site...

from here -> http://www.fdic.gov/bank/individual/failed/guaranty-tx.html

"You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with BBVA Compass as long as the deposits are not pledged as collateral for loans."

Are they just saying Certificates of Deposit and stuff like that??? That I can understand, but regular savings deposits or checking accounts...you could face an early withdrawal penalty, if you actually sign the funds into an account???

-gastropod
More...
It's just legalese...

Basically, your deposits can be withdrawn until you open a deposit account with BBVA. Once that happens, the terms of your BBVA account determine the early withdrawal policy. Of course, all this only applies if your deposit isn't used as collateral for a loan, like for your mtge. That's how I understand it...
 
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