Word: ls
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Dates: during 1980-1989
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Under pressure from California S and Ls and California Senator Alan Cranston, the Federal Home Loan Bank Board an nounced a second round of bidding on June 17. Despite BankAmerica's offer to back financially a California-only merg er, the board announced that the highest bid of the three California S and Ls that participated was still $143 million lower than Citicorp's offer...
...associations to enforce due-on-sale clauses in their lending agreements. Such clauses require a seller to pay off his mortgage rather than transfer it to the new owner. California, like a number of other states, had sought to bar enforcement of these provisions by the federal S and Ls. But the Constitution's supremacy clause, said the court, gives federal law precedence over conflicting state law. Federal S and Ls hold a quarter of home mortgages nationwide, and other S and Ls are threatening to seek easily obtainable federal charters if their state legislatures refuse to okay...
...longterm, low-interest loans and the high cost of raising new money. Linda Tsao Yang, the California savings and loan commissioner, called Fidelity "a victim of high interest rates." Federal Home Loan Bank Board Chairman Richard T. Pratt tried to calm nervous depositors at Fidelity and other S and Ls by assuring them that the takeover was not the beginning of a trend. Said he: "This isn't the tip of the iceberg...
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
Mutual fund companies and brokerage houses, for example, are trying to wrest IRA dollars away from banks and S and Ls by offering investments in stocks, bonds, money-market securities and even oil ventures. Insurance companies are touting so-called fixed-annuity plans that guarantee predetermined annual payouts during retirement. Many investment firms are encouraging corporations to set up programs that allow employees to invest in IRAs through payroll deductions. The Dreyfus Corp. of New York City, for example, already manages employee IRAs for more than 50 companies, including Warner Communications, RCA Corp. and Esmark...