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Real Estate Industry Arizona

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NEWS
April 18, 1990 | TOM FURLONG and MICHAEL FLAGG, TIMES STAFF WRITER
Commercial real estate markets in several major California cities, including Anaheim and Los Angeles, may be headed for trouble if lending excesses are not curbed, the chairman of the Federal Deposit Insurance Corp. indicated Tuesday. L. William Seidman released a list of 40 large American cities, ranked according to risk, that is supposed to serve as an "early-warning system" for regulators and lenders on where commercial real-estate loan problems are brewing.
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NEWS
May 16, 1991 | JONATHAN PETERSON, TIMES STAFF WRITER
In a city battered by years of bad news, the April Fool's hoax hit a raw nerve: Japanese businessmen had bought the Suns basketball team, went the tongue-in-cheek radio report, and they would soon haul it off to San Diego. Stunned listeners bombarded station KMXX-FM with calls. The tale--seemingly the latest in a litany of bankruptcy, political scandal and economic travail to rock this once-booming desert metropolis--had, you might say, an aura of reality.
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BUSINESS
February 10, 1990 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
Lincoln Savings & Loan generated $135 million in sham profits through overpriced sales of land to "straw" buyers, an accounting expert testified Friday in U.S. District Court here. About half of Lincoln's earnings between 1984 and its seizure by the government in 1989 came from the dubious sale of land in the Phoenix area, said Roger Johnson, a witness for the federal government. American Continental Corp.
BUSINESS
April 19, 1990 | CHRIS KRAUL, SAN DIEGO COUNTY BUSINESS EDITOR
In the mid-1980s, Great American Bank seemed to have it all going its way. Chairman Gordon Luce, a politically well connected and socially prominent Republican, had built the San Diego-based savings and loan into one of the industry's powerhouses. By the end of 1985, Luce had grown it to 117 branches and $8.2 billion in assets, up from three offices and $300 million in assets when he joined the thrift, then known as San Diego Federal, in 1969.
NEWS
December 28, 1989 | TOM FURLONG, TIMES STAFF WRITER
Promoters of this desert city like to say that it's located in the Valley of the Sun, reflecting the area's weather, life style and spirit of limitless opportunity. But the mood here is anything but sunny these days as Phoenix suffers through a real estate and banking collapse that has left its mark all over town. Once the embodiment of Sun Belt growth and prosperity, the Phoenix area went on a wild spree of development and speculation in the mid-1980s.
BUSINESS
November 29, 1989 | JAMES S. GRANELLI, TIMES STAFF WRITER
Lincoln Savings & Loan in Irvine lost $60 million in the third quarter, bringing its net loss for the first nine months to nearly $877 million, federal savings and loan regulators said Tuesday. Regulators seized Lincoln in April, a day after its parent, American Continental Corp. in Phoenix, filed for bankruptcy. The failed thrift is expected to become one of the costliest taxpayer bailouts, with the tab possibly hitting $2 billion.
NEWS
May 16, 1991 | JONATHAN PETERSON, TIMES STAFF WRITER
In a city battered by years of bad news, the April Fool's hoax hit a raw nerve: Japanese businessmen had bought the Suns basketball team, went the tongue-in-cheek radio report, and they would soon haul it off to San Diego. Stunned listeners bombarded station KMXX-FM with calls. The tale--seemingly the latest in a litany of bankruptcy, political scandal and economic travail to rock this once-booming desert metropolis--had, you might say, an aura of reality.
BUSINESS
April 18, 1990 | CHRIS KRAUL and JAMES BATES, TIMES STAFF WRITERS
Great American Bank, announcing huge revised 1989 fourth-quarter and full-year losses that nearly rendered it insolvent, said on Tuesday that its days as an independent savings and loan may soon be over. The San Diego-based thrift, the nation's eighth largest, said it has asked its investment bankers to explore a "possible sale of the bank or merger with another financial institution." Some giant California banks expressed interest in acquiring the thrift.
BUSINESS
November 4, 1989 | JAMES BATES, TIMES STAFF WRITER
Security Pacific Corp., stung by Arizona's continuing real estate woes, said Friday that it will substantially increase loan-loss reserves for its bank there and put the unit's problem loans into a separate holding company. The loan-loss reserves--money set aside to cover future losses--will be boosted by an unspecified amount in the fourth quarter, but earnings in the period are still expected to be higher than a year earlier, Security Pacific said.
BUSINESS
August 22, 1989 | JAMES BATES, Times Staff Writer
Fitch Investors Service lowered its ratings on debt for First Interstate's Arizona and California units Monday, mainly because of increasing problems in the Arizona real estate market. The rating on First Interstate Bank of Arizona capital debentures was lowered to BBB-plus from AA-minus; the rating on capital notes issued by First Interstate Bank of California dropped to A from AA-minus.
BUSINESS
April 18, 1990 | CHRIS KRAUL and JAMES BATES, TIMES STAFF WRITERS
Great American Bank, announcing huge revised 1989 fourth-quarter and full-year losses that nearly rendered it insolvent, said on Tuesday that its days as an independent savings and loan may soon be over. The San Diego-based thrift, the nation's eighth largest, said it has asked its investment bankers to explore a "possible sale of the bank or merger with another financial institution." Some giant California banks expressed interest in acquiring the thrift.
BUSINESS
April 18, 1990 | TOM FURLONG, TIMES STAFF WRITER
Commercial real estate markets in several major California cities, including Los Angeles and Anaheim, may be headed for trouble if lending excesses are not curbed, the chairman of the Federal Deposit Insurance Corp. indicated Tuesday. L. William Seidman released a list of 40 large American cities, ranked according to risk, that is supposed to serve as an "early warning system" for regulators and lenders on where commercial real estate loan problems are brewing.
NEWS
April 18, 1990 | TOM FURLONG and MICHAEL FLAGG, TIMES STAFF WRITER
Commercial real estate markets in several major California cities, including Anaheim and Los Angeles, may be headed for trouble if lending excesses are not curbed, the chairman of the Federal Deposit Insurance Corp. indicated Tuesday. L. William Seidman released a list of 40 large American cities, ranked according to risk, that is supposed to serve as an "early-warning system" for regulators and lenders on where commercial real-estate loan problems are brewing.
BUSINESS
February 10, 1990 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
Lincoln Savings & Loan generated $135 million in sham profits through overpriced sales of land to "straw" buyers, an accounting expert testified Friday in U.S. District Court here. About half of Lincoln's earnings between 1984 and its seizure by the government in 1989 came from the dubious sale of land in the Phoenix area, said Roger Johnson, a witness for the federal government. American Continental Corp.
NEWS
December 28, 1989 | TOM FURLONG, TIMES STAFF WRITER
Promoters of this desert city like to say that it's located in the Valley of the Sun, reflecting the area's weather, life style and spirit of limitless opportunity. But the mood here is anything but sunny these days as Phoenix suffers through a real estate and banking collapse that has left its mark all over town. Once the embodiment of Sun Belt growth and prosperity, the Phoenix area went on a wild spree of development and speculation in the mid-1980s.
BUSINESS
November 29, 1989 | JAMES S. GRANELLI, TIMES STAFF WRITER
Lincoln Savings & Loan in Irvine lost $60 million in the third quarter, bringing its net loss for the first nine months to nearly $877 million, federal savings and loan regulators said Tuesday. Regulators seized Lincoln in April, a day after its parent, American Continental Corp. in Phoenix, filed for bankruptcy. The failed thrift is expected to become one of the costliest taxpayer bailouts, with the tab possibly hitting $2 billion.
BUSINESS
April 19, 1990 | CHRIS KRAUL, SAN DIEGO COUNTY BUSINESS EDITOR
In the mid-1980s, Great American Bank seemed to have it all going its way. Chairman Gordon Luce, a politically well connected and socially prominent Republican, had built the San Diego-based savings and loan into one of the industry's powerhouses. By the end of 1985, Luce had grown it to 117 branches and $8.2 billion in assets, up from three offices and $300 million in assets when he joined the thrift, then known as San Diego Federal, in 1969.
BUSINESS
October 21, 1989 | JAMES BATES, TIMES STAFF WRITER
First Interstate Bancorp said Friday that it will report a $16-million quarterly loss next week because of continuing problems in Arizona, further evidence that lenders there face growing troubles stemming from the state's severe real estate recession. The third-quarter loss for the Los Angeles banking company comes in the wake of pressure by the U.S. comptroller of the currency on First Interstate to boost reserves against its problem loans in Arizona.
BUSINESS
November 4, 1989 | JAMES BATES, TIMES STAFF WRITER
Security Pacific Corp., stung by Arizona's continuing real estate woes, said Friday that it will substantially increase loan-loss reserves for its bank there and put the unit's problem loans into a separate holding company. The loan-loss reserves--money set aside to cover future losses--will be boosted by an unspecified amount in the fourth quarter, but earnings in the period are still expected to be higher than a year earlier, Security Pacific said.
BUSINESS
October 21, 1989 | JAMES BATES, TIMES STAFF WRITER
First Interstate Bancorp said Friday that it will report a $16-million quarterly loss next week because of continuing problems in Arizona, further evidence that lenders there face growing troubles stemming from the state's severe real estate recession. The third-quarter loss for the Los Angeles banking company comes in the wake of pressure by the U.S. comptroller of the currency on First Interstate to boost reserves against its problem loans in Arizona.
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