I hate to mention the ‘R’ word with everyone else going on about the doom and gloom non f****** stop but I’ve had cause to think seriously about getting a mortgage recently and a friend pointed out something very obvious, perhaps stupid but nonetheless valid!
Ok, so I have a pile of savings in a major irish bank and this credit crunch forces the bank in question to capitulate and take with it my hard earned savings. Pretty gruesome thought and one that tempts a person to go out and get in line around the block demanding withdrawls!
However, what if I had a mortgage/loan from said bank and it went under, would I have to pay it back!!? They’ve lost my money so can’t I loose theirs!?
Think about it.