Word: fslic
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...Federal Government immediately granted Fidelity a $100 million line of credit to meet withdrawals. Although the Federal Government has arranged 34 mergers of failing savings and loan associations and savings banks since the beginning of 1981, this was the first time the FSLIC had taken over a publicly traded savings and loan in order to save it from bankruptcy...
...flamboyant and aggressive executive, Meyer led Fidelity through a period of dynamic growth during the 1970s. After he and three other executives were fired last week when the FSLIC took charge, Meyer angrily threatened to challenge the action in court. He accused the federal regulators of having "systematically set about to destroy a financial institution...
Shortly after assuming the management of the savings and loan, federal officials held a bidders' conference at the Hilton at the San Francisco airport for institutions interested in acquiring Fidelity. Representatives of 32 companies, two-thirds of them other S and Ls', showed up. The FSLIC said it would accept offers for Fidelity during the next 30 days and hopes the troubled institution will be taken over by another company within three months. Pratt and Yang announcing the takeover
...Administration is against key parts of a bill drawn up by the Federal Reserve staff that would provide rescue plans for troubled banks and thrift institutions, including S and Ls. The proposal would increase from $750 million to $3 billion the line of credit that the FSLIC has available to help thrift institutions. The FSLIC would also be given broader authority to move faster to rescue an S and L before its sores break into open wounds. Currently, aid can be given only when an S and L has almost failed...
Mortgage Warehousing. This proposal, introduced in the Senate by New York Democrat Daniel Patrick Moynihan, would have the Federal Deposit Insurance Corporation and the FSLIC take over many of the old mortgages from the thrifts and hold them for three years. The Government might purchase about $10 billion of the old loans now earning less than 7½%. Cost to the Government: approximately $2.1 billion. Relieved of the burden of these low-yielding mortgages, the S and Ls could gain a little more profitability and then later buy back the "warehoused" mortgages...