Quote:
Originally Posted by Flylady
This youtube video shows why it is so hard to refinance if your Mortgage is held by OneWest (former IndyMac) First Federal Bank and other banks that failed and were taken over by FDIC and then assigned to an assuming bank when they had large amount of residential mortgages at sub prime or no doc.
The only mis- representation in the video is that FDIC is funded by taxpayers. Actually it is funded by changing and collecting fees to all the banks covered by FDIC.
http://www.youtube.com/watch?v=_UNkQ...eature=related |
Yes, you are correct. Many people think the FDIC is funded with taxpayer money, but in actuality it is completely funded by banks themselves. All FDIC insured banks must pay periodic "assessments" to the FDIC based on their insured deposits.