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I'm curious who's gonna take over their loan assets actually. A lot of their loans are ARMs so not as simple to sell off.
Well at least people get lots of notice if they were on the fence about staying with ING. It should prove an incentive to look into alternative now rather than later under whatever terms they have to go with from whoever takes over the US branch.
bharatiya said:I hope they still stay FDIC insured! Banks can't sell their deposit accounts to non-banks. Whoever acquires them will be a Bank Holding Company under U.S. law, and the accounts will remain FDIC insured.
I'm curious who's gonna take over their loan assets actually. A lot of their loans are ARMs so not as simple to sell off.
Perhaps the buyers will take into account that ING has a significantly low default rate compared to other US lenders. I seem to recall that it was the lowest of any US lender, but can't source that memory. They actually underwrote their loans with some care.
People still think it's the loan's fault, and not the underwriters. Wow.
Technologist said:Wonder what this do to all the people that use Sharebuilder (ing owned), and the US Companies that have ing-administered 401ks...It's just a guess, but I'll bet increase fees/expenses.
I'm curious who's gonna take over their loan assets actually. A lot of their loans are ARMs so not as simple to sell off.
Perhaps the buyers will take into account that ING has a significantly low default rate compared to other US lenders. I seem to recall that it was the lowest of any US lender, but can't source that memory. They actually underwrote their loans with some care.
People still think it's the loan's fault, and not the underwriters. Wow.
Maybe ING will just join Prosper to increase that ratio.... Prosper did have that promo...
WalStMonky said:Perhaps the buyers will take into account that ING has a significantly low default rate compared to other US lenders. I seem to recall that it was the lowest of any US lender, but can't source that memory. They actually underwrote their loans with some care. I don't think their default rate is as low as you think it is. See banktracker's report on ING Bank, which shows that their "troubled asset ratio" (troubled assets divided by capital) is up over 25%. While that's not bad (a ratio of 100% or over signals an imminent bank failure), it's also not anywhere near the bottom.
As of June 30, 2009, they were carrying $2.3B of troubled assets, which is almost quintuple what it was the year before ($515M).
I have a mortgage with ING Direct; whatever happens to the mortgage, the new owner can't change the terms of it, so I'm happy where I am. Just rewrote the note to 4.25% for the next five years.
That stinks. I must say I have made GREAT money on ING stock. Buying at $5 and recently selling in the 13's. It does suck that I will have to find a new home for my cash. I have really enjoyed their Electric Checking and keep over 50K in there.
Anyone else out there who uses ElectricChecking or used to? Who do you use know for a primary checking with high interest?
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