Word: thrifts
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Dates: during 1980-1989
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Directly across the street from Kennedy Studios, Mary Carroll peruses the wares of the Salvation Army Thrift Center, a small-discount store where she buys most of her clothing. Mary, who has lived in Central Square for more than 40 years, laughs at the idea that her neighborhood is undergoing some sort of revitalization...
...short walk up from the thrift center, Morris Nagger paints a glowing picture of the future business potential of his family's newly expanded and renovated clothing store. The Nagger family spent over $100,000 to create Coquette, a trendy fashion boutique...
...troubled S and L? For starters, once the bad loans have been excised, the thrift institution's traditional business of writing mortgages can be quite profitable. Now that many home loans have adjustable interest rates, few S and Ls should be savaged, as they were in the early 1980s, by having to pay high rates to depositors while receiving low yields on long-term mortgages. Furthermore, real estate prices in the Southwest cannot stay depressed forever. "We're at or near the bottom of the cycle for the Texas economy," says William Gibson, a former Continental Illinois banker who, with...
...Government files stock-fraud charges against Drexel Burnham. -- Gold among the thrift ruins. -- Turning patter into profits...
Danny Wall, the chief U.S. regulator of savings and loans, is on a bailout binge. Last week the Federal Home Loan Bank Board, whose Federal Savings and Loan Insurance Corporation guarantees thrift deposits, said it would spend $1.9 billion to rescue 14 ailing Oklahoma S and Ls. The Bank Board merged the thrifts into six larger institutions in the hope of selling them to private investors. With the Oklahoma rescue, the agency has laid out a total of $9.8 billion in the latter half of August to salvage 45 thrifts, most of them in the financially troubled Southwest...