The bank opened an average number of new accounts on Thursday, he said. Consumers need to understand that they can increase FDIC insurance by having different account types. For example, a regular account and an individual retirement account can add up to $350,000 in coverage, he said.
Raphael Bostic, associate director of the Lusk Center for Real Estate at USC, said that he expects Countrywide to survive and that consumers shouldn't worry because, even if it fails, the FDIC can get them their money in a matter of days, not weeks or months. But he said the credit crisis could drag on for six months because financial markets are so interwoven.
"Who knows where it's going to float to next," he said. After recent reports of hedge fund losses, the next ones to take a hit could be pension funds and insurance companies, he said.