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The savings and loan crisis of the 1980s and 1990s (commonly dubbed the S&L crisis) was the failure of approximately a third of the savings and loan associations (S&Ls or thrifts) in the United States between 1986 and 1995.
The savings and loan (S&L) crisis was a financial disaster that caused the failure of more than 1,000 U.S. savings and loans in the 1980s and 1990s.
In the 1980s, the financial sector suffered through a period of distress that was focused on the nation’s savings and loan (S&L) industry. Inflation rates and interest rates both rose dramatically in the late 1970s and early 1980s. This produced two problems for S&Ls.
The Savings and Loan Crisis was the most significant bank collapse since the Great Depression of 1929. By 1989, more than 1,000 of the nation's savings and loans had failed. The crisis cost $160 billion.
The Keating Five were five United States Senators accused of corruption in 1989, igniting a major political scandal as part of the larger savings and loan crisis of the late 1980s and early 1990s.
In 1981 and 1982 combined, the S&L industry collectively reported almost $9 billion in losses. Worse, in mid-1982 all S&Ls combined had a negative net worth, valuing their mortgages on a market-value basis, of $100 billion, an amount equal to 15 percent of the industry’s liabilities.
Often overlooked amid the clamor of the 2008 credit bubble collapse, what became known as the savings and loan crisis (S&L) ultimately led to a massive taxpayer-funded rescue of an industry that...