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Subprime mortgage crisis; Cottage Savings Ass'n v. Commissioner, a United States Supreme Court case dealing with the tax consequences of the S&L crisis; United States v. Winstar Corp., a U.S. Supreme Court case that gives a concise but useful history of the crisis and the accounting practices that aggravated that crisis
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s. It established the Resolution Trust Corporation to close hundreds of insolvent thrifts and provided funds to pay out insurance to their depositors.
Charles Edwin Hurwitz was born in 1940, and raised in Kilgore, Texas. [2] His parents were Eva (née Engler) and Hyman Hurwitz, and his father was Jewish and owned a local clothing store, "Hurwitz Man’s Shop" and he built the town's first shopping center.
The savings and loan crisis of the 1980s and 1990s was the failure of 747 out of the 3,234 savings and loan associations in the United States. "As of December 31, 1995, RTC estimated that the total cost for resolving the 747 failed institutions was $87.9 billion."
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In 1984, Gibraltar Savings was acquired by First Texas Financial Corporation. FTFC, which had acquired First Texas Savings Association in Dallas in 1982, was controlled by nursing home developer J. Livingston Kosberg. [3] An investor in FTFC was lawyer and political power broker Robert S. Strauss, who owned 10% of the stock. His son, real ...
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]
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