Word: ls
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...lending caution reflects a backlash against the era of financial fraud and excess. After the collapse of hundreds of savings and loans, the Government last year barred S&Ls from lending amounts representing more than 15% of their capital to any one customer. The previous limit was 100%, which allowed some S&Ls to sink themselves by committing a dangerously large amount to a single venture. Moreover, federal examiners began using strict new requirements to judge the quality of lending by commercial banks. "When regulators are being tough, bankers too have to be very cautious in terms of the credit...
With scores more S&Ls designated for sale or closure in the weeks ahead, the legacy of fraud is likely to keep paying handsomely for asset chasers like Pankau. His firm claims to have increased its revenues 50% in each of the past five years, and plans new offices in such growing white-collar-crime capitals as Arizona and Florida. Pankau has even taken a few lessons from the bad guys, spreading the ownership of his company among his three children, through trusts. That, he explains, is partly to protect himself from liability suits in case any of his targets...
...taxpayers $500 billion is sort of like calling your $150,000 mortgage a $500,000 problem because that's how much, with interest, it will cost to repay. But other factors may also eventually contain the vast damage that has unquestionably been done. (The damage is not that S&Ls have failed; we had too many S&Ls anyway. The damage is in half- built or largely vacant shopping centers and office towers no one wants or needs -- all those resources misdirected when, as always, there was so much that did need doing...
...freshly unmade bed with a large gun tossed casually in the middle. ("This is the bedroom; this is the bathroom; this is the gun.") If CenTrust's mortgage on this property becomes an asset of the Resolution Trust Company, the agency formed by Congress to liquidate failed S&Ls, the RTC should recoup at least a good portion of the loan...
...aims to replace him with William Taylor, a low-key Federal Reserve veteran. But, however long Seidman stays, thousands of other professionals are involved in the bailout. Faced with the task of recruiting staff at a fraction of the pay they'd earn in private industry (running S&Ls into the ground, say), the RTC has, sensibly, been luring seasoned executives out of retirement. Further, as required by law, the agency has been farming out most of the task to the private sector, where a growing army of appraisers, attorneys, property managers and real estate agents is massing to evaluate...