Word: ls
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Dates: during 1980-1989
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...Phase out, over the next six years, federal ceilings on the interest that banks and savings and loan associations (S and Ls) can pay depositors. Currently, commercial banks can pay only 5.25% and savings institutions 5.5% on their passbook accounts...
...Permit S and Ls and savings banks to expand further into the personal and consumer loan markets, which have been long dominated by commercial banks. Savings banks would also be permitted to make loans to business, an activity from which they have until now effectively been barred. Traditionally, thrift institutions have concentrated their lending in home mortgages...
...upheaval in the savings business has been most dramatically seen in the recent explosive transfer of money from banks and S and Ls into the trendy money market funds. During the month prior to Carter's new measures, $4 billion came out of mattresses, cookie jars and savings accounts and went into money market accounts...
Hardest hit of all have been the nation's mutual savings banks and S and Ls. Because the thrifts have historically been forced to rely largely on mortgage lending for their business, much of the industry's current income is still coming from home loans written years ago, when rates were no more than half the current national levels of 15½% to 17% for a typical 25-year loan...
...amount of tightening up on the money market funds is likely to be of much immediate help to the thrift institutions in any case. Wall Street analysts estimate that at least 20% of the nation's S and Ls are already losing money in the current squeeze. Last week Cleveland's Washington Federal Savings and Loan was forced into receivership. The bulk of its assets were acquired by another Ohio thrift institution after Washington Federal was unable to pay for Government securities it had ordered...