Your Distressed Property and Short Sale Expert in Maryland
The Federal Deposit Insurance Corporation has a new division and new powers.
The Office of Complex Financial Institutions, run by Jim Wigand, has oversight of the USAs largest financial firms.
His mission is to be prepared to seize and liquidate these firms. This sounds a bit "big brother", but the people who ran, or run, these firms made it very clear they could make trillions of dollars disapear overnight and ruin entire economies.
The law Congress passed in July provides a framework for the office to follow and "flesh out".
Included under the law are "systemically important" firms; financial companies that either have over $100 Billion in assets, or have been designated by the Financial Stability Oversight Council. They must submit detailed plans for how they would be dismantled in the event of a crisis. Good luck!
The FDIC would create a 'bridge' institution to keep critical parts of these firms operating, while dissolving or liquidating it over time. The intent is to keep firms in the private sector, not the public sector, as is working through today with AIG and other firms.
Let's hope this office does not need to be used, or if it is, that it can perform it's duties well.
Dennis
Keeping People From Experiencing Foreclosure
www.MarylandDistressedProperties.com
www.Frederick-MontgomeryCountyHomes.com
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