November 2, 1990 |
Bush Administration officials decided Thursday to stave off a shutdown of the savings and loan bailout by taking advantage of a drafting error in last year's law. The mistake will let the Resolution Trust Corp. borrow up to $18.8 billion more than Congress apparently intended. The short-term borrowing, to be repaid through the sale of loans, real estate and other assets once owned by failed S&Ls, frees the agency to continue some cleanup activities into early next year.
October 4, 1990 |
Columbia Savings & Loan put its troubled junk bond portfolio up for sale again Wednesday amid growing signs that the maverick thrift will be among the nation's most expensive S&L failures, with some experts believing that it could cost taxpayers as much as $1.5 billion.
October 30, 1990 |
The cost of the savings and loan cleanup will rise $350 million by year's end because the failure by Congress to provide additional funds makes it impossible for regulators to sell money-losing thrifts, the Resolution Trust Corp. said Monday. The bill could grow to $900 million if the delay in funding continues well into the first three months of next year, after Congress returns from its recess, according to RTC spokesman Stephen Katsanos.
September 30, 1990 |
The final cost to taxpayers of the savings and loan bailout may reach $600 billion, Federal Deposit Insurance Corp. Chairman L. William Seidman indicated Saturday in an interview. Seidman, who also is chairman of the Resolution Trust Corp., said on the CNN television program "Evans and Novak" that the costs would swell because of interest paid on money borrowed to finance the bailout.
December 9, 1991 |
Hoping to save billions of dollars in bailout costs, federal savings and loan regulators will announce today a major expansion of their efforts to find buyers or viable partners for troubled S&Ls before the institutions become insolvent and are seized by the government. The program, called accelerated resolution, already has been used, on a limited scale, in 27 of nearly 600 failed S&Ls.
November 21, 1991 |
A sharply divided House Banking Committee voted Wednesday to provide $20 billion in new funds for the savings and loan cleanup, but the controversial bill is headed for an uncertain fate on the House floor. The measure was approved only 27 to 25. Few members are confident that it can survive challenges in the full House, where rebellious members already have rejected two major bank reform bills. The Bush Administration had requested $80 billion in new funds for the Resolution Trust Corp.
November 23, 1991 |
House and Senate members and their staffs held intense discussions Friday in an effort to develop compromise legislation to provide $70 billion for the bank insurance fund and $80 billion for the savings and loan cleanup. The legislators, who plan to adjourn next week before the Thanksgiving holiday, do not yet feel the last-minute pressures that usually push potential legislation to a successful passage.
October 9, 1991 |
A House panel Tuesday approved a bill that could provide $80 billion more for the savings and loan bailout, but through a controversial pay-as-you-go provision that is opposed by the Bush Administration. The House Banking financial institutions subcommittee voted 20-16 to provide the Resolution Trust Corp. with at least $20 billion and as much as $80 billion. The agency has spent $80 billion and needs $80 billion more to finish the cleanup in two years. But Deputy Treasury Secretary John E.
August 25, 1988 |
Federal savings and loan regulators are moving faster than ever to sell or shut down the country's sickest thrift institutions by the end of next year, the nation's top thrift regulator said Wednesday. M. Danny Wall, chairman of the Federal Home Loan Bank Board, and other regulators were upbeat as they told more than 350 potential investors gathered at the Fairmont Hotel about the benefits of putting money into the thrift industry.