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...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...
...ASCs have also failed in their mission of helping to rescue beleaguered savings banks and S and Ls from financial failure. These thrift institutions are losing money at a catastrophic clip because they must now pay an average of 11.6% interest to attract deposits, while the mortgages and other assets on their books are earning only an average of 10.1%. Richard Pratt, chairman of the Federal Home Loan Bank Board, said last week that about 80% of the 3,900 federally insured savings and loan associations lost money in 1981 and that some 400 of them will...
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...
...Government's bailout agencies, the FDIC and the Federal Savings and Loan Insurance Corporation, have so far been able to deal with failing thrifts by buying up their old loans or forcing weak S and Ls to join with stronger institutions...
...three years of lower interest rates before a substantial part of the older fixed-term mortgages could be replaced by new higher-yielding loans. The stronger thrifts may also be helped by some of the banking deregulation legislation now pending in Congress. One measure would allow S and Ls to offer loans to corporations, just as banks do, and another would permit thrifts to make a broader range of loans to consumers...