Word: ls
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Dates: during 1960-1969
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...succeeded the ousted Bart Lytton as president and chief executive officer of California's Lytton Financial Corp., a huge but ailing holding company with total assets of $682 million. Now Wellman is involved in conducting his most intricate operation yet, which, if successful, will transform three weak S&Ls into one thriving $1 billion enterprise...
...further in June. To make it easier to obtain housing money and thereby induce more people to buy houses, the Federal Home Loan Bank Board last week ordered a change. The board reduced the required liquidity for savings and loan associations from 7% to 61%; this means that S & Ls need keep $600 million less in reserves and will have that much more to lend on homes. The Administration also hopes that the Federal Reserve Board, by jiggering interest rates, will make mortgages more attractive to insurance companies, which have been investing money in long-term bonds that give better...
...stock market by age 18, moved west to sell fire insurance, took to buying up foreclosed property during the Depression when, as he recalled, the "worse things got, the better they were for me." And when things got better for Ahmanson, they were fantastic. Deep in both S & Ls and real estate when the California building boom hit in the 1950s, Ahmanson profited from both sides, selling not only the land but also home mortgages. Sensing yet another change, Ahmanson more recently turned to apartment projects...
...Much Credit. The big trouble was that money flowed in at a rate that strained Lytton's ability to invest it profitably. The collapse of the Southern California real estate market hit Lytton Financial hard, forcing its two subsidiary S&Ls to dispose of $56 million worth of foreclosed property in 1966 and 1967 at a loss of nearly $11 million. They still have $46 million more of foreclosed property on their books. To keep the capital reserves of the subsidiaries at the required level, Lytton borrowed through his holding company and lent them the money. Even so, those...
Says California S&L Commissioner Preston Martin: "Lytton is such a good promoter that he promoted himself right into trouble." Happily for 175,000 depositors, the woes of Lytton Financial do not involve the subsidiary S&Ls, says Martin. Even if they did, the Federal Government stands behind every savings account with $15,000 insurance...