Word: thrifts
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...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...
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...
...staggering cost of correcting the situation came into sharp focus last week, when the Federal Home Loan Bank Board, which regulates thrift institutions, announced a two-part bailout of 20 Texas S and Ls that could ultimately cost the Government $6.8 billion. First, the Bank Board conducted a fire sale of twelve failing Texas institutions, including Richardson Savings (assets: $707.8 million) and Mercury Savings ($332.9 million). The S and Ls will be merged and turned over to an investment group led by William Gibson, an executive vice president at Chicago's Continental Illinois bank, for a token $48 million...
...thing is certain: the wave of consolidation in the financial industry is far from over. Competition is growing both among U.S. bankers and with foreign institutions. "There won't be 14,000 banks and 3,000 thrift institutions forever," says Robert Abboud, the former First Chicago president who last year became head of Houston's failing First City as part of a federal rescue. But not even a tough survivor like Abboud knows which banks will stay and which will...
...First of all, the correct measure is not theCPI," said Julianne Still Thrift, executivevice-president of the National Association ofIndependent Colleges and Universities...