Word: thrifts
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...Angeles treasurer. The savings and loan bank, meanwhile, was involved in a multimillion-dollar tax dispute with the city, and had been awarded several zoning changes. Following those disclosures, Bradley repaid his $18,000 fee to the Chinatown bank and quit his job as director of the thrift institution, but the taint of impropriety remained. "Dubious moonlighting," the Los Angeles Times called...
...depositors and carry out the bailout, which is expected to cost more than $150 billion in the next ten years. Moreover, the Government has never proved to be an entrepreneurial manager of property, so the real estate it owns is likely to keep diminishing in value. Says thrift consultant William Ferguson: "Bad assets don't usually get better, they get worse. Buildings and sites deteriorate...
Most of the property being acquired in the S & L bailout is concentrated in the Southwest, where the bulk of insolvent thrifts overextended themselves during the oil-boom days of the late 1970s and came to grief in the oil crash of the mid-1980s. The thrifts began repossessing property when borrowers could no longer meet payments, often because homeowners lost their jobs or business owners suffered from plunging sales as the energy-based economy declined. In many cases the loans should never have been made. Observes James Noteware, national director of real estate for the accounting firm of Laventhol...
Dwarfing all other government bailouts, the plan approved yesterday would provide at least $157 billion over the next decade--most of it from taxpayers--to close or merge 350 failed thrift institutions and make good on government pledges in the rescue of 200 others last year...
...would also reorganize the regulatory bureaucracy, provide $50 million a year for the Justice Department to pursue fraud in S&Ls and enact other reforms, chief among them a requirement that thrift owners back their lending with more of their own capital...