Search results
Results from the WOW.Com Content Network
At the time of the Federal seizure on April 14, 1989, Lincoln Savings was the 42nd largest savings & loan in the country with 29 branches throughout Southern California and assets of $5.4 billion and deposits of $4.4 billion but only $20 million in required capital on hand instead of the required $325 million in capital. [10]
The U.S. savings and loan crisis of the 1980s and early 1990s was the failure of 747 savings and loan associations in the United States. The ultimate cost of the crisis is estimated to have totaled around $160.1 billion, about $124.6 billion of which was directly paid for by the U.S. federal government. [1]
Lincoln Savings expanded into aggressive, risky land development deals and financial arrangements, including loans due to American Continental. [2] For most of 1987, American Continental was profitable, but by 1988, losses mounted, due to financial troubles and other bad happenings at Lincoln Savings. [4]
With his Lincoln Savings & Loan drifting toward ruin due to risky investments and under investigation by the FBI and government regulators, Charles H. Keating Jr. turned to five senators he’d ...
In May 1992, Keating's son-in-law, Robert M. Wurzelbacher Jr., a senior vice president of American Continental, and chief executive of an investment firm owned by Lincoln Savings, [114] who was also implicated, pleaded guilty to three federal fraud counts in connection with the collapse of the Lincoln Savings and Loan Association and agreed to ...
As a result, a wave of local, federally-chartered savings and loans developed around the U.S. Backed by low-cost government funding, the S&Ls were able to offer long-term home loans at fixed ...
Vernon Savings and Loan (Dallas, TX), led by Don Dixon, which on resolution had 94 percent of loans non-performing; and; Columbia Savings and Loan (Beverly Hills, CA), led by Thomas Spiegel, was closed in January 1991 at the cost of $3.25 billion. [87] Especially publicized was the insolvency of Lincoln Savings and Loan Association, led by ...
For premium support please call: 800-290-4726 more ways to reach us