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When a Junk-Loan Buyer Buys Your Loan

What happens if your bank fails, your loan gets auctioned off by the FDIC, and a junk-loan buyer comes a-calling? There’s a revealing story about this scary scenario in today’s New York Times. It reminded me of Amy Barrett’s 2008 story on similar scenarios, and Monica Mehta’s February column in which she explains how you can negotiate a discount on your own debt. (Of course, if you could buy your loan back, you wouldn’t be in the situation mentioned above in the first place.)

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