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9/22/2017 12:11:25 AM
Posted: 8/31/2005 7:19:35 AM EDT
So with all this widespread destruction in NO, and elsewhere, what about the banks that hold all the paper on all this uninsured/underinsured property? What will happen to all these car loans, mortgages, loans secured by nonexistant goods?
Link Posted: 8/31/2005 7:28:47 AM EDT
Link Posted: 8/31/2005 7:33:37 AM EDT

Originally Posted By shotar:
After 9/11, ,most banks do daily records backups in multiple locations to prevent such a catstrophe.

I think he meant, what will happen to the banks financially? Alot of underinsured people are going to be defaulting on loans secured by non-existant property.
Link Posted: 8/31/2005 7:36:34 AM EDT
Link Posted: 8/31/2005 7:37:20 AM EDT
Its going to be an economic disaster for sure...

The one group I have no sympathy for is the insurance companies, these scumbags are already whining about the cost. Hey, you collect the premiums from your customers every month or year...you are quick to drop them if they are late with a payment. You write the policies, you know how much is being insured.

Now that the SHTF, suck it up and pay it out....oh, don't have enough because your CEO bought billion dollar houses and throw million dollar parties...tough shit...as they said in Goodfellas, F*ck you, pay me. Make your CEO sell his million dollar house.....
Link Posted: 8/31/2005 7:41:55 AM EDT

"I might just be able to smash the whole damned system. Destroy all records of ownership. Think of it, Marty. No more rich people, no more poor people, everybody's the same. Isn't that what we said we always wanted?"

Sorry. I love that movie.
Link Posted: 8/31/2005 7:45:29 AM EDT
What movie?
Link Posted: 8/31/2005 7:51:13 AM EDT

What's that called when you move out of a house and simply turn the mortgage over to the bank and walk away? A "quitclaim"?


Link Posted: 8/31/2005 7:52:04 AM EDT

Originally Posted By Wobblin-Goblin:
What movie?

Sneakers. 1992. Good flick.
Link Posted: 8/31/2005 7:56:08 AM EDT

Originally Posted By Wobblin-Goblin:
What movie?

Link Posted: 8/31/2005 7:58:00 AM EDT
Do you think the banks' vaults remained water tight??? Or are they flooded right now?
Link Posted: 8/31/2005 7:59:32 AM EDT

The vaults I've seen are not designed to seal out water. People and fire yes, water no.

Link Posted: 8/31/2005 8:03:30 AM EDT
Link Posted: 8/31/2005 8:07:42 AM EDT

Originally Posted By avengeusa:
hopefully all records are destroyed and a few people get out of their loans

Link Posted: 8/31/2005 8:11:57 AM EDT

In the past, Armageddon would have put an end to both your assets AND debts.

Now, the assets evaporate, but your debts live. Or they're zombie debts.

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