Word: fslic
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...Loan Insurance Corporation was desperate. Losses at the federally insured thrifts whose deposits it guaranteed were running out of control. But neither Congress nor the Reagan-Bush White House was willing in the midst of an election to force an up-front resolution. Danny M. Wall, who oversaw the FSLIC, sought investors from outside the S&L business to pump new capital into the failures but by September had made just 35 deals...
...four-day auction brought in more than $800,000. The FSLIC, which currently holds $9.6 billion in assets seized from failed thrifts, has raised more than $300 million this year by selling off their property. That comes to roughly one five-hundredth of what the S & L bailout will cost U.S. taxpayers in the next ten years...
...marketplace. Yet the Federal Savings and Loan Insurance Corporation, which currently holds most of the repossessed property and will be combined with the FDIC under the Bush plan, has seldom shown a talent for getting top dollar. In Guerneville, Calif., a small town north of San Francisco, the FSLIC took over a condominium project with more than 20 units two years ago. The original owners had been trying to sell the units a few years earlier for an average of $140,000 each, though market conditions suggested that a price of $75,000 was more appropriate. When the FSLIC took...
Real estate experts have accused the FSLIC of being inept at dispensing with property in a speedy but careful manner. The problem, they charge, is that the agency is riddled with bureaucrats who cannot make sharp, quick business judgments. Says Sam Pierce, a Houston-based adviser to the thrifts: "The FSLIC doesn't know a good deal from a bad one. They don't have the necessary brainpower or manpower...
Realizing the momentous task ahead, FSLIC officials have made an attempt to become more savvy in their dealmaking. The agency's central-region division has taken over three blue-carpeted floors of a sleek office building in north Dallas, and is opening a ground-floor showroom to hawk its myriad properties. The 15-member sales staff is augmented by 100 private contractors and real estate agents who work for fees and commissions...