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Friendly_Duck_5587 t1_jeanwkf wrote

Congratulations you have won gold at the regard olympics. 🏅

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BEER_HANDLE t1_jeao1cv wrote

Your loan will just transfer to a bigger bank once it goes poof

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rumias OP t1_jeaoaol wrote

If you do it just right no bank will want to touch FRC if it goes under.

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asdffsdf t1_jeaqo3i wrote

Not sure if you're still joking but one way or another you would still be on the hook for those loans. Even if no one took over all of the assets the government would appoint someone to manage the bankruptcy.

They would then sell the loans independent of the other assets or liabilities, and the profits from selling the loans would partially pay any creditors or repay the government if the government bailed out the depositors.

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ErikInvest t1_jeaorh6 wrote

if a bigger bank want to buy this asset. IF.

−2

X_Fiery_Jack_X t1_jeasx17 wrote

Doesn’t have to be a bigger bank, basically your credit would be fucked because someone would buy the loan for Pennie’s on the dollar and rape your credit report until you paid it off for as much as they could get out of you. Sure you’d probably be able to settle for less than the full amount but not until you showed you weren’t going to pay in turn fucking your credit.

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ErikInvest t1_jeawcj1 wrote

You never worked in a bank before. Only bank bought another bank like ubs with cs but only with force of state government behind. Or your debit against that bank will be zero.

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X_Fiery_Jack_X t1_jeb60uc wrote

Lol I fucking work in a bank. It being a bank has no bearing whatsoever it’s an asset the bank owns and can sell to whoever they want. If the bank fails it’s assets like properties, equipment and yes loans will be sold off to pay the bond holders and other first tier folks. Equity is wiped out but you still owe money and that obligation will be sold to someone else who will come after you bank or not.

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Zero2Hero2MarginCall t1_jeasz0c wrote

You clearly don't know how companies who specialize in buying debt for pennies on the dollar to go after the owner of the debt actually work do you? It's literally an entire industry.

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ErikInvest t1_jeawn1n wrote

You can’t bought anything in a fail asset without the force of government behind. Welcome in the real world.

0

VisualMod t1_jean68z wrote

>You're an idiot if you think that's going to work. FRC is a garbage company and it's only going down from here. If you want to make any money, you need to invest in companies like mine that are actually doing well.

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Douwe263 t1_jeao0b9 wrote

Bot better be sharing that juicy portfolio list

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Smegma_Surfer t1_jeaqyxy wrote

This absolutely IS financial advice.

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cbusoh66 t1_jeaqzh6 wrote

Brilliant.

Now on the application, make sure you state that you’re a part-time WSB regard under occupation.

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Zero2Hero2MarginCall t1_jeas9qq wrote

You know what doesn't have any downside? Owning a company that buys promissory notes and debts of the customers of failed/bailed out banks (i.e., FRC) for literally pennies on the dollar.

Then those companies who now own the debt the customer originally had with FRC (which will no longer exist in its current form), go after that customer for 100% of the debt owned, plus any interest and penalties that may be there. And if they don't/can't pay, wreck them in collections and/or bankruptcy/discharge and STILL recover more in repayment than the pennies it cost them to buy your debt from FRC when it was liquidated.

Congratulations on being literally regarded. You have stock worth $0 and high interest debt you can't get rid of.

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VisualMod t1_jean5l9 wrote

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1

wallstreetbets-ModTeam t1_jeasf41 wrote

Thanks for your submission!

We love new and original content here on WSB.

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Yes, this can be a little subjective at times, but we want to show you the best WSB has to offer!

If you need some guidance, don't hesitate to reach out to modmail and we'll give you some pointers!

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