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It gets sold, along with all other asssets of the bank (like desks and chairs and investments, etc) to whoever takes it over. The Feds probably have a new onwer arranged before you even knew anything and the bank continues operating without interruption.

Your loan was likely sold many times since it was made already, without you even knowing it. That's one way a lender gets new funds to loan. The "servicing" - the jandling of the payments - and ownership may be different places.

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13y ago

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