Word: loaned
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Dates: during 1980-1989
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...middle class for a loan...
...Federal Savings and Loan Insurance Corporation is supposed to be the lifeboat of the thrift industry, but these days the agency itself is in dire need of rescue. Playing its role as the insurer of deposits in savings institutions, the FSLIC has been nearly swamped by adversity. Beset by severe loan losses, 50 of the 3,200 federally insured savings and loan associations and savings banks have either been reorganized or forced by the FSLIC to merge with other institutions this year. As the agency reimburses depositors at collapsed savings and loans and pays out large sums to healthy institutions...
...passed bills that would have authorized the FSLIC to raise up to $25 billion in the capital markets. But in their rush to adjourn before next week's elections, the lawmakers neglected to reconcile the two different versions of the legislation. Edwin Gray, the chairman of the Federal Home Loan Bank Board, which oversees the FSLIC, had warned the lawmakers that a bailout was urgently needed. Gray said he was "deeply disappointed" by the impasse but vowed that his agency would "do its level best" to manage without the help...
...mortgage sales. Moreover, 122 S and Ls now count among their assets so-called net-worth certificates, which are little more than Government IOUs that have been handed out by the FSLIC to dress up the balance sheets of troubled institutions. The rules helped Oklahoma-based Frontier Federal Savings & Loan boost its net worth from a negative $44 million to a positive $14 million. The General Accounting Office says that without these accounting gimmicks, 43% of the thrift institutions in the U.S. would be considered insolvent (with fewer assets than liabilities) or nearly so (with a net worth of less...
...Niagara Falls. Says Brother Nader: "The final choice will depend upon which is most anxious to have us." New York is definitely eager. The state has offered the Ghermezians a free 100-acre site for the project just 200 yds. from the falls, a low-interest $200 million loan, a decade of cut-rate hydroelectric power and a waiver of sales taxes on building materials...