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BUSINESS
December 6, 1989 | DOUGLAS FRANTZ, TIMES STAFF WRITER
Investigators from the Justice Department and the Securities and Exchange Commission are examining links between indicted financier Michael Milken and a circle of failed and troubled savings and loans, including Lincoln Savings & Loan in Irvine, sources close to the investigations said Tuesday.
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BUSINESS
September 1, 2012 | By E. Scott Reckard, Los Angeles Times
A well-known banking consultant has taken a dispute with CBRE Group Inc. to court, saying the Los Angeles real estate giant and Florida's Stonegate Bank defrauded him by rigging the bidding for a bank branch in an upscale Miami suburb. The case is a potential embarrassment for CBRE, the world's largest commercial real estate firm, and for the Federal Deposit Insurance Corp., which hired the company to sell off property it inherits from failed banks. CBRE violated FDIC rules by letting Stonegate pay less for the branch than consultant Kenneth H. Thomas bid for it, according to Thomas' lawsuit, filed in Miami-Dade County Circuit Court.
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BUSINESS
May 8, 1991 | CHRIS KRAUL, SAN DIEGO COUNTY BUSINESS EDITOR
Under pressure from federal regulators, Robert Adelizzi resigned Tuesday as chief executive of HomeFed Bank, further fueling fear among many analysts that the nation's fifth-largest thrift is heading for a government takeover. HomeFed, which has $18 billion in assets and 210 branches, said in a statement that Adelizzi tendered his resignation after the board received a "suggestion" from the Office of Thrift Supervision that he quit.
BUSINESS
April 13, 2010 | By Jim Puzzanghera
Former top executives at failed savings-and-loan Washington Mutual on Tuesday defended their performance in the years before the bank's 2008 collapse, saying they tried to reduce the huge risks it was taking in the subprime market and they, like virtually everyone else, failed to foresee the huge housing downturn that led to the financial crisis. The executives testified at a hearing by a Senate panel investigating WaMu's downfall, the largest bank failure in U.S. history. After an 18-month review, the Senate's Permanent Subcommittee on Investigations found the company had created a "mortgage time bomb" by making subprime loans they knew were likely to go bad and then packaging them into risky securities.
BUSINESS
September 10, 1990 | JOHN MEDEARIS, TIMES STAFF WRITER
As regulators see it, Edward Israel and Albert Collins are two of the reasons that Southern California now ranks as the savings and loan fraud capital of the nation. The two men took a tiny West Los Angeles thrift, Westwood Savings & Loan, and turned it into a cash machine for questionable real estate investments, according to allegations contained in a lawsuit.
BUSINESS
June 29, 1990 | JAMES S. GRANELLI, TIMES STAFF WRITER
Leonard Shane, ousted by federal thrift regulators as chairman of the failed Mercury Savings & Loan, struck out Thursday at the government agents for their "pressures and bullying and abuse" toward the industry, his Huntington Beach thrift and himself. In his first public speech since the Feb.
BUSINESS
January 27, 1990 | SARA FRITZ, TIMES STAFF WRITER
President Bush's 34-year-old son, Neil, is being charged in an administrative proceeding with conflicts of interest while a director of a failed Colorado savings and loan, the government said Friday. The announcement came amid reports that the President is nearing a decision on appointing a new chairman of the Office of Thrift Supervision. The President's appointee ultimately will decide whether to uphold the action against his son.
BUSINESS
August 26, 1990 | BRIAN MURPHY, ASSOCIATED PRESS
Kenneth M. Good wore a jogging suit the night he clinched one of the biggest land deals of his high-flying career. It was January, 1985, and Good was racing in fast times. The savings and loan money machines were in overdrive, real estate was hot, and Florida swarmed with speculators who had cash or knew how to get it. Good swaggered into town from Denver and pledged nearly $38 million cash for 5,400 acres of Spanish moss-draped woodlands north of Tampa.
NEWS
July 12, 1987 | United Press International
President Reagan Friday named businessman Roger F. Martin to the Federal Home Loan Bank Board to succeed Lee Henkel, a controversial member of the panel that oversees savings and loans.
CALIFORNIA | LOCAL
June 11, 2009 | Dennis McLellan
Robert R. Sprague, a former Los Angeles-based leader of the savings and loan industry and a philanthropist who was a major donor to UC Irvine, has died. He was 92. Sprague died of cancer June 2 at his home in Corona del Mar, said his daughter, Lois M. Sprague.
CALIFORNIA | LOCAL
April 17, 2009 | Dennis McLellan
John S. Broome, an Oxnard rancher and philanthropist whose family has owned land in Ventura County since before the turn of the 20th century and who was a major supporter of Cal State Channel Islands, has died. He was 91. Broome, who had a stroke in January, died April 10 at home on his ranch, said his grandson Alden Broome. The Illinois-born Broome was part of a family that bought a Mexican land grant in Ventura County -- Rancho Guadalasca -- in 1880.
BUSINESS
January 27, 2009 | E. Scott Reckard
Troubled by delinquent mortgages at First Federal Bank of California, regulators have prompted the L.A. savings and loan to quit lending and ordered it to submit a detailed plan for how it intended to remain well-capitalized for the next three years. The cease-and-desist order, which parent company FirstFed Financial Corp. disclosed late Monday, also requires the Westside firm to stop making interest payments on $150 million in publicly held debt.
BUSINESS
May 30, 2008 | From the Associated Press
Federally insured banks and thrifts set aside a record $37.1 billion to cover losses from soured mortgages and other loans in the first quarter, when profits were nearly halved, regulators said Thursday. Federal Deposit Insurance Corp. data show that Citigroup Inc., Bank of America Corp. and about 8,500 other institutions earned a combined $19.3 billion in the January-March period. That was a drop of 45.7% from the $35.6 billion earned a year earlier. The FDIC has said it would beef up its staff of examiners to handle an anticipated surge in bank failures this year.
BUSINESS
March 18, 2008 | From Times Wire Services
Washington Mutual Inc. won a $382-million judgment against the U.S. government over promises made during the savings and loan crisis of the 1980s. The U.S. Court of Federal Claims ordered the government to pay the damages. The breach-of-contract lawsuit stemmed from a Washington Mutual unit's purchase of Anchor Savings Bank in 1995. The suit is one of more than 100 centering on promises federal regulators made to encourage banks to take over distressed savings and loans.
BUSINESS
September 13, 2007 | From Bloomberg News
Washington Mutual Inc., the largest U.S. savings and loan, said Wednesday that it would shutter one division that bought mortgages from other home lenders and another that financed mortgage companies. The closures will result in about 1,000 firings, Washington Mutual spokesman Alan Gulick said. But the Seattle-based company also plans to hire about 1,000 loan officers in the next few months in its mortgage and bank branches, bringing the total to about 3,000, he said.
OPINION
August 12, 1990
Having signed the law deregulating the savings and loans, Ronald Reagan swaggered towards the microphones and cameras, and in triumphant voice declared--"I think we have hit the jackpot." LEO NEALON Huntington Beach
BUSINESS
August 22, 2007 | From the Associated Press
washington -- Mortgage troubles slammed the savings and loan industry last quarter, according to a report released Tuesday. Troubled assets -- loans that are 90 or more days past due -- jumped to $14.2 billion last quarter, up 50% from $9.5 billion in the same quarter last year, the Office of Thrift Supervision said.
BUSINESS
March 7, 2007 | From Bloomberg News
Countrywide Financial Corp., the biggest U.S. mortgage lender, received approval to become a savings-and-loan holding company, placing its operations under supervision of a single federal regulator. The move will consolidate the Calabasas-based lender's federal supervision under the umbrella of the thrift regulator. The lender's Alexandria, Va.-based Countrywide Bank subsidiary will convert to a federal savings bank, the Office of Thrift Supervision said in a statement released Monday.
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