November 5, 1985 |
Norman Raiden, general counsel of the Federal Home Loan Bank Board, has resigned, effective Dec. 20. Raiden, a former partner in the Los Angeles-based law firm of McKenna, Conner & Cuneo, has served for two years at the FHLBB, which regulates the nation's savings and loan industry. His resignation comes as FHLBB Chairman Edwin J. Gray is reportedly facing pressure from the Reagan Administration to resign.
May 23, 1988 |
No taxpayer bailout of the federal insurance program for troubled U.S. savings institutions should be needed for at least three years, a savings official said. Theo Pitt, chairman of the U.S. League of Savings Institutions, said in a television interview Friday that he disagreed with a General Accounting Office report Thursday saying that the Federal Savings and Loan Insurance Corp.'s needs to cover savings failures would likely exceed revenues eventually.
September 4, 1985
Kenneth J. Thygerson resigned Tuesday as president of the Federal Home Loan Mortgage Corp., a quasi-governmental agency better known as Freddie Mac, to join a San Diego-based S&L. Thygerson, who has headed Freddie Mac since August, 1982, is leaving effective Sept. 15 to become president and chief executive of Imperial Corp. of America, a savings and loan holding company with branches in California, Kansas and Colorado and assets of $8.5 billion. He succeeds Matthew Shevlin Jr.
June 28, 1986 |
The nation's federally insured savings and loan institutions issued a record $21.8 billion in mortgages in May, 23.6% higher than the same month a year ago, the government said Friday. The Federal Home Loan Bank Board said mortgage loans closed during the first five months of this year amounted to $86.3 billion, up 20.5% over the same period last year.
January 11, 1987 |
Fresh from racking up a better-than-average year for new-housing construction, more than 60,000 of the nation's builders are expected to attend the 43rd annual convention and exposition of the National Assn. of Home Builders opening Friday in Dallas. The annual meeting of the 145,000-member trade group--billed as the largest ever--will showcase more than 1,000 product and service exhibits and will have 175 educational sessions before it winds up Jan. 19.
November 11, 1986 |
Congress' recent inability to recapitalize the Federal Savings and Loan Insurance Corp. resulted in part because the savings and loan industry did not fully support the plan, two congressional leaders said Monday. In blunt remarks at a national convention of savings and loan executives here, Rep. Fernand J. St Germain (D-R.I.) and Sen.
August 24, 1986 |
The nearly $600 billion in outstanding mortgages on income-producing properties has opened to "securitization," according to investment bankers, real estate experts, mortgage bankers and others. Such securities offer investors two advantages over real estate investment trusts, the traditional means of investing in commercial real estate, according to Cecil E. Sears, a senior associate in real estate finance research at the Urban Land Institute in Washington, D.C.
April 4, 1990 |
Leonard Shane, the former chairman and chief executive of Mercury Savings & Loan, filed a lawsuit Tuesday against the troubled Huntington Beach thrift and the federal agency that runs it, seeking $850,000 in retirement benefits. Shane, ousted Feb. 23 when regulators seized the insolvent institution, claims in a federal court suit in Los Angeles that he is one of "certain key employees" who became entitled to retirement plan benefits.
June 30, 1988 |
The head of the agency that regulates federally insured savings institutions said Wednesday that the cases of 259 "grossly insolvent" thrifts would be resolved by 1990 at a cost of $17.4 billion. Danny Wall, chairman of the Federal Home Loan Bank Board, said in a speech to a U.S. League of Savings Institutions conference that the ailing savings and loan industry is "getting better." But, he added, "the healthy are getting healthier, and the sick are getting sicker."
January 3, 1989 |
Construction spending rose 0.8% in November, reflecting an increase in work on homes and government projects that more than offset slower building of offices and shopping malls, the Commerce Department reported today. November's seasonally adjusted construction spending--at an annual rate of $411.1 billion--marked the third consecutive monthly increase. Revised figures put spending at $407.8 billion in October, $406.9 billion in September and $403.2 billion in August.