June 8, 1988 |
Troubled savings and loan firms, which must pay well above market rates for deposits in order to stay in business, are probably costing the thrift industry at least $1 billion a year, the chief economist at the Federal Home Loan Bank Board in Washington said Tuesday. "That's real money," economist James R. Barth emphasized in a telephone interview, noting that the thrift industry has nearly $1 trillion in deposits.
June 24, 1989 |
Orange County's 35 savings and loans posted a combined profit of $33.7 million in the first quarter of 1989, as the financial strength of bigger thrifts erased losses at more than half of the county's S&Ls. Several institutions that only last year were insolvent and were dragging down the financial results of healthy thrifts have been turned--with government aid--into profitable S&Ls. Their return to health offset the losses at 18 S&Ls, including 10 smaller ones with assets of less than $200 million at the end of March, according to the Federal Home Loan Bank of San Francisco, which released the statistics.
August 11, 1989 |
Its assets include a racehorse with syphilis, the world's first vertical country club and the shell of a luxury condominium on a rocky ledge in Puerto Rico. In fact, the Resolution Trust Corp., which conducted its first business on Thursday, will be the largest financial institution in the world.
September 18, 1988
In the last three years, more savings and loans have failed in Orange County than in any other county in California. Federal regulators have seized, sold or installed new managers at 11 Orange County thrifts. Six of the thrifts no longer exist, but the rest are still operating under management hired by regulators from healthy thrifts. Times staff writer James S. Granelli looks at the prospects for the remaining five S&Ls.
February 9, 1989 |
Which savings and loans are insolvent and may be taken over by the government? How can you tell if your S&L is troubled? What should you do if it is seized? Such questions are on the minds of many savers as they ponder the impact of the Bush Administration's plan, announced this week, to assume control of as many as 350 insolvent thrifts in coming months. Here are some tips on how to cope with S&L bailouts: Question: Which S&Ls are insolvent and most likely to be taken over?
December 16, 1988 |
Orange County's savings and loans posted a combined loss of $12.2 million for the third quarter, a significant improvement over the $318.3-million loss recorded during the first 6 months of the year. The improving picture is largely the result of recent sales and liquidations of four insolvent institutions, which ranked among the nation's sickest thrifts. In addition, regulators have injected $250 million into American Savings, a thrift formerly controlled by Irvine-based Financial Corp.
February 8, 1989 |
Except for a 3 p.m. staff meeting at Pacific Savings Bank headquarters, there was little evidence Tuesday that a joint task force of federal regulators had just moved in to assume oversight of the insolvent Costa Mesa institution. Customers continued to come and go, employees went about their business as usual and managers of the troubled thrift kept operating the same way they have for months.
November 17, 1994 |
Those convicted of defrauding the nation's savings and loans receive prison terms far shorter than those imposed on the average burglar, according to a UC Irvine study released Wednesday. In addition, more than a fifth of the S&L fraud perpetrators have gone without jail time, according to the three-year study by two UCI professors and a professor at St. John's University in New York. Thrift fraud caused an industry debacle that could cost taxpayers $500 billion over time.
July 2, 1988 |
During the last six years, 21 local banks and savings and loan institutions have been seized by government regulatory agencies. Since 1984 10 of 31 failed S&Ls and savings banks in California have been headquartered in Orange County. Of the 21 institutions seized, only five were liquidated. Those remaining were either purchased by other, healthier organizations or placed under special management programs.
September 18, 1988 |
Beverly Hills Savings & Loan in Mission Viejo was the first troubled thrift in the nation to be seized by regulators and put into a new federal program that allowed it to remain open with new managers while merger prospects were sought. That was in April, 1985. Today, the S & L is swimming in more red ink than ever, and regulatory matchmakers still are looking for a mate.