Posted by Dennis D Broadbooks on 12/28/06 4:55pm
Msg #168059

At the Risk of Having This Post...

...labeled "political" by certain nefarious souls...President George W. Bush has announced that Tuesday, January 2nd of 2007 will be a national day of mourning for President Gerald Ford. According to the news story this means it's now a federal holiday & there will be no mail service along with banks being closed. As was mentioned by CaliNotary in a previous thread this could impact RTC dates. Does anyone have any definitive thoughts on this?

Reply by CaliNotary on 12/28/06 5:04pm
Msg #168061

Don't ask me

Certain nefarious souls told me I was just making stuff up to justify my political post.

I did a search and found one thread from when Reagan died. There was nothing definitive in it, but the responses seemed to lean in the direction that it was not being counted as a holiday for RTC purposes.

Reply by CaliNotary on 12/28/06 5:08pm
Msg #168063

One more thing to consider

I've already done 2 signings today where I filled in Jan. 2 as the RTC end date. So unless I'm told otherwise, I'm just going to count Tuesday as a business day.

Reply by Jahari Davis on 12/28/06 5:25pm
Msg #168064

Thank you Dennis...

If this is indeed true, then the issue is settled. End of discussion.

Reply by Dennis D Broadbooks on 12/28/06 5:58pm
Msg #168071

I Was Just Advised...

...by the company I'm working with for a signing this evening that I'm to leave the RTC date as 01/02/2007. Since that's what I've been instructed to do, that's what I'll do! I will however make a note of the person's name I spoke with for my future records.

Reply by MikeC/NY on 12/28/06 7:09pm
Msg #168087

The RTC excludes Sundays and "legal public holidays". I am not a lawyer, but I'm pretty sure that the President declaring a national day of mourning doesn't make it a "legal public holiday"; that would require an act of Congress. The President can shut down non-essential government services for a day - I think Clinton either did it or threatened to do it because of a budget stalemate - but that action doesn't meet the test for the RTC. Even if the mail is not moving, the borrower can always fax a cancellation to the lender.

This is all personal opinion, not gospel...

Reply by Poppy on 12/28/06 11:08pm
Msg #168132

I seem to remember something about banks not being able

to close more than two days in a row.... But I might be nuts....

Reply by ZeeCA on 12/28/06 11:43pm
Msg #168148

Re: I seem to remember something about banks not being able

i grew up w/ a parent in banking and yes it is illegal for a bank to close more than three days (monday holidays back when the law was made) which is why friday after thanksgiving banks were open and then closed on sat and sun back in the day

It goes back to the crash of stock market and people waiting to get their $$ as the banks closed and only had the "good customers" come in to empty their accounts

Reply by Poppy on 12/29/06 9:43am
Msg #168216

Thanks Zee.... I hate it when you have a vague memory

of something and can't quite pin point it.... :-)