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FSLICFederal Savings & Loan Insurance Corporation
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References in periodicals archive ?
One of the Act's most troubling provisions to reduce failures was the authorization for the creation and purchase of net worth certificates by the Federal Savings and Loan Insurance Corporation (FSLIC).
From 1980 to 1982, 118 S&Ls (with $43 billion in assets) failed, costing the FSLIC an estimated $3.5 billion to resolve.
The Ohio Deposit Guarantee Fund: The Ohio Alternative to FSLIC. Akron Law Review 15, no.
If an S&L became insolvent and was disbanded, FSLIC, capitalized with industry funds for such a contingency, made sure depositor liabilities were met.
(The Federal Savings and Loan Insurance Corporation (FSLIC) has been abolished and its functions transferred to the FDIC.) In New England, S&Ls are often known as cooperative banks.
Specifically, rates on FSLIC-insured deposits were sensitive to a bank's riskiness in the period before the insolvency of the FSLIC. The FSLIC was the guarantor of the savings and loan institutions, and it was announced to be insolvent in February 1987.
Some state and local obligations are secured by certificates of deposit federally insured by the Savings Association Insurance Fund (SAIF-formerly the Federal Savings and Loan Insurance Corporation (FSLIC)) or the Federal Deposit Insurance Corporation (FDIC) up to $100,000 ($250,000 through year-en 2009) per bondholder.
(FSLIC), created in 1934 and administered by the old Federal Home Loan
(5) In response, Congress established: (1) the Federal Home Loan Bank Board (FHLBB), which regulated the S&L industry; (2) the Federal Savings and Loan Insurance Corporation (FSLIC), which insured deposits in S&Ls; and (3) the Federal Deposit Insurance Corporation (FDIC), which regulated federally-chartered commercial banks and provided a federal deposit insurance program.
Growing numbers of thrifts and banks became insolvent on a mark-to-market (i.e., real economic) basis, and were subject to various sanctions, including seizure, all of which had the potential to bankrupt the FSLIC (thrift) and FDIC (bank) insurance funds.
In FSLIC v Texas Real Estate Counselors, Inc., (5) a Texas federal district court found the appraiser liable for (1) failing to verify the alleged completion of improvements on the property, and (2) failing to disclose reliance on unverified data, when presenting estimates of value and effective age for the subject property.