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Savings and loan crisis

The savings and loan crisis of the 1980s and 1990s (commonly dubbed the S&L crisis) was the failure of 1,043 out of the 3,234 savings and loan associations in the United States from 1986 to 1995: FSLIC closed or otherwise resolved 296 institutions from 1986 to 1989 and the RTC closed or otherwise resolved 747 institutions from 1989 to 1995. [1]

125 relations: Adjustable-rate mortgage, Adverse selection, Alan Cranston, Arizona, Asset–liability mismatch, Baby boom, Bank holiday, Bankruptcy, Boston University, Building society, California, Certificate of deposit, Charles Keating, Charter, Cincinnati, Conflict of interest, Control fraud, Cottage Savings Ass'n v. Commissioner, Countdown to Extinction, David Ellefson, David R. Henderson, Democratic Party (United States), Dennis DeConcini, Depository Institutions Deregulation and Monetary Control Act, Deregulation, Dick Celeste, Disintermediation, Dollars & Sense, Donald W. Riegle, Jr., Dwight D. Eisenhower, Early 1980s recession in the United States, Early 1990s recession, East Coast of the United States, Economic Recovery Tax Act of 1981, Fannie Mae, Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Federal Home Loan Banks, Federal Housing Finance Board, Federal Reserve System, Federal Savings and Loan Insurance Corporation, Financial crisis, Financial Institutions Reform, Recovery, and Enforcement Act of 1989, Fixed-rate mortgage, Forbearance, Fractional-reserve banking, Franklin D. Roosevelt, Freddie Mac, Garn–St. Germain Depository Institutions Act, George H. W. Bush, ..., Government Accountability Office, Government National Mortgage Association, Great Depression, Great Society, High-yield debt, Inflation, Interstate Highway System, Jim Wright, Jimmy Carter, John Glenn, John McCain, Keating Five, L. William Seidman, Liar's Poker, Library of Economics and Liberty, Lincoln Savings and Loan Association, List of corporate collapses and scandals, List of largest U.S. bank failures, Los Angeles Times, Louisiana, Lyndon B. Johnson, Mainland Southeast Asia, Maryland, Megadeth, Michael Lewis, Michael Milken, Michigan, Midwest Federal Savings & Loan, Midwestern United States, Minneapolis, Minnesota, Monetary inflation, Moral hazard, Mortgage loan, Negotiable Order of Withdrawal account, Neil Bush, New Deal, Office of Thrift Supervision, Ohio, Oklahoma, Old Court Savings and Loans, Panic of 1893, Paul Volcker, Race to the bottom, Racket (crime), Regulation Q, Republican Party (United States), Resolution Trust Corporation, Salary, Savings and loan association, Second Industrial Revolution, Southeast Asia, St. Paul Pioneer Press, Stagflation, Subprime mortgage crisis, Supreme Court of the United States, Tax, Tax Reform Act of 1986, Texas, The Arizona Republic, The Concise Encyclopedia of Economics, The Washington Post, United States Congress, United States Department of the Treasury, United States House Committee on Ethics, United States Senate Select Committee on Ethics, United States v. Winstar Corp., Vice President of the United States, Vietnam War, Wall Street Crash of 1929, William K. Black, World War II, Zvi Bodie, 1980s oil glut, 97th United States Congress. Expand index (75 more) »

Adjustable-rate mortgage

A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.

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Adverse selection

Adverse selection is a concept in economics, insurance, and risk management, which captures the idea of a "rigged" trade.

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Alan Cranston

Alan MacGregor Cranston (June 19, 1914 – December 31, 2000) was an American journalist and Democratic Senator from California.

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Arizona

Arizona (Hoozdo Hahoodzo; O'odham: Alĭ ṣonak) is a state in the southwestern region of the United States.

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Asset–liability mismatch

In finance, an asset–liability mismatch occurs when the financial terms of an institution's assets and liabilities do not correspond.

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Baby boom

A baby boom is any period marked by a greatly increased birth rate.

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Bank holiday

A bank holiday is a public holiday in the United Kingdom, some Commonwealth countries, other European countries such as Switzerland, and a colloquialism for a public holiday in Ireland.

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Bankruptcy

Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors.

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Boston University

Boston University (most commonly referred to as BU or otherwise known as Boston U.) is a private research university located in Boston, Massachusetts.

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Building society

A building society is a financial institution owned by its members as a mutual organisation.

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California

California is a state located on the West Coast of the United States.

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Certificate of deposit

A certificate of deposit (CD) is a time deposit, a financial product commonly sold in the United States and elsewhere by banks, thrift institutions, and credit unions.

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Charles Keating

Charles Humphrey Keating, Jr. (December 4, 1923 – March 31, 2014) was an American athlete, lawyer, real estate developer, banker, financier, and activist best known for his role in the savings and loan scandal of the late 1980s.

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Charter

A charter is the grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified.

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Cincinnati

Cincinnati is a city in and the county seat of Hamilton County, Ohio, United States.

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Conflict of interest

A conflict of interest (COI) is a situation in which a person or organization is involved in multiple interests, financial interest, or otherwise, one of which could possibly corrupt the motivation of the individual or organization.

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Control fraud

Control fraud occurs when a trusted person in a high position of responsibility in a company, corporation, or state subverts the organization and engages in extensive fraud for personal gain.

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Cottage Savings Ass'n v. Commissioner

Cottage Savings Association v. Commissioner,, was an income tax case before the Supreme Court of the United States.

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Countdown to Extinction

Countdown to Extinction is the fifth studio album by American thrash metal band Megadeth, released on July 6, 1992 through Capitol Records.

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David Ellefson

David Warren "Dave" Ellefson (born November 12, 1964) is a bassist and founding member of the American thrash metal band Megadeth.

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David R. Henderson

David R. Henderson (born November 21, 1950) is a research fellow at Stanford University's Hoover Institution and is also associate professor of economics at the Naval Postgraduate School in Monterey, California, where he has taught since 1984.

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Democratic Party (United States)

The Democratic Party is one of the two major contemporary political parties in the United States, along with the Republican Party to its right.

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Dennis DeConcini

Dennis Webster DeConcini (born May 8, 1937) is a former Democratic U.S. Senator from Arizona.

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Depository Institutions Deregulation and Monetary Control Act

The Depository Institutions Deregulation and Monetary Control Act of 1980 (Pub.L. 96–221) (often abbreviated DIDMCA or MCA) is a United States federal financial statute passed in 1980 and signed by President Jimmy Carter on March 31.

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Deregulation

Deregulation is the process of removing or reducing state regulations typically in the economic sphere.

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Dick Celeste

Richard Frank "Dick" Celeste (born November 11, 1937) is an American politician from Ohio, and a member of the Democratic Party.

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Disintermediation

In economics, disintermediation is the removal of intermediaries in a supply chain, or "cutting out the middlemen".

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Dollars & Sense

Dollars & Sense is a magazine focusing on economics from a progressive perspective, published by Dollars & Sense, Inc, which also publishes textbooks in the same genre.

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Donald W. Riegle, Jr.

Donald Wayne Riegle, Jr. (born February 4, 1938) is an American politician from Michigan, who served for five terms as a Representative and for three terms as a Senator in the U.S. Congress.

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Dwight D. Eisenhower

Dwight David "Ike" Eisenhower (pronounced,; October 14, 1890 – March 28, 1969) was the 34th President of the United States from 1953 until 1961, and the last U.S. President to have been born in the 19th century.

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Early 1980s recession in the United States

The United States entered recession in January 1980 and returned to growth six months later in July 1980.

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Early 1990s recession

The recession of the early 1990s describes the period of economic downturn affecting much of the world in the late 1980s and early 1990s.

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East Coast of the United States

The East Coast of the United States runs along the Atlantic Ocean.

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Economic Recovery Tax Act of 1981

The Economic Recovery Tax Act of 1981, also known as the ERTA or "Kemp-Roth Tax Cut", was a federal law enacted in the United States in 1981.

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Fannie Mae

The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, was founded in 1938 during the Great Depression as part of the New Deal.

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Federal Deposit Insurance Corporation

The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation operating as an independent agency created by the Banking Act of 1933.

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Federal Home Loan Bank Board

The Federal Home Loan Bank Board (FHLBB) was a board created by the Federal Home Loan Bank Act of 1932 that created and oversaw the Federal Home Loan Banks (FHLB or FHLBanks) also created by the act.

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Federal Home Loan Banks

The Federal Home Loan Banks (FHLBanks, or FHLBank System) are 11 U.S. government-sponsored banks that provide stable, on-demand, low-cost funding to American financial institutions (not individuals) for home mortgage loans, small business, rural, agricultural, and economic development lending.

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Federal Housing Finance Board

The Federal Housing Finance Board (FHFB) was an independent agency of the United States government established in 1989 in the aftermath of the savings and loan crisis to take over oversight of the Federal Home Loan Banks (FHLBs or FHLBanks) from the Federal Home Loan Bank Board (FHLBB), and was superseded by the Federal Housing Finance Agency (FHFA) in 2008.

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Federal Reserve System

The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is the central banking system of the United States.

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Federal Savings and Loan Insurance Corporation

The Federal Savings and Loan Insurance Corporation (FSLIC) was an institution that administered deposit insurance for savings and loan institutions in the United States.

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Financial crisis

The term financial crisis is applied broadly to a variety of situations in which some financial assets suddenly lose a large part of their nominal value.

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Financial Institutions Reform, Recovery, and Enforcement Act of 1989

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.

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Fixed-rate mortgage

A fixed-rate mortgage (FRM), often referred to as a "vanilla wafer" mortgage loan, is a fully amortizing mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float".

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Forbearance

In the context of a mortgage process, forbearance is a special agreement between the lender and the borrower to delay a foreclosure.

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Fractional-reserve banking

Fractional-reserve banking is the practice whereby a bank accepts deposits, and holds reserves that are a fraction of the amount of its deposit liabilities.

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Franklin D. Roosevelt

Franklin Delano Roosevelt (his own pronunciation, or) (January 30, 1882 – April 12, 1945), commonly known by his initials FDR, was an American statesman and political leader who served as the 32nd President of the United States.

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Freddie Mac

The Federal Home Loan Mortgage Corporation (FHLMC), known as Freddie Mac, is a public government-sponsored enterprise (GSE), headquartered in the Tyson's Corner CDP in unincorporated Fairfax County, Virginia.

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Garn–St. Germain Depository Institutions Act

The Garn–St Germain Depository Institutions Act of 1982 (enacted October 15, 1982) is an Act of Congress that deregulated savings and loan associations and allowed banks to provide adjustable-rate mortgage loans.

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George H. W. Bush

George Herbert Walker Bush (born June 12, 1924) is an American politician who served as the 41st President of the United States from 1989 to 1993, and the 43rd Vice President of the United States (1981–1989).

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Government Accountability Office

The Government Accountability Office (GAO) is a government agency that provides auditing, evaluation, and investigative services for the United States Congress.

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Government National Mortgage Association

The Government National Mortgage Association (GNMA), or Ginnie Mae, was established in the United States in 1968 to promote home ownership.

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Great Depression

The Great Depression was a severe worldwide economic depression in the 1930s.

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Great Society

The Great Society was a set of domestic programs in the United States launched by Democratic President Lyndon B. Johnson in 1964–65.

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High-yield debt

In finance, a high-yield bond (non-investment-grade bond, speculative-grade bond, or junk bond) is a bond that is rated below investment grade.

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Inflation

In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time.

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Interstate Highway System

The Dwight D. Eisenhower National System of Interstate and Defense Highways (commonly known as the Interstate Highway System, Interstate Freeway System, Interstate System, or simply the Interstate) is a network of controlled-access highways that forms a part of the National Highway System of the United States.

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Jim Wright

James Claude Wright, Jr. (December 22, 1922 – May 6, 2015), usually known as Jim Wright, was a Democratic U.S. Congressman from Texas who served 34 years in the U.S. House of Representatives and was the Speaker of the House from 1987 to 1989.

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Jimmy Carter

James Earl Carter, Jr. (born October 1, 1924) is an American politician and author who served as the 39th President of the United States from 1977 to 1981.

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John Glenn

John Herschel Glenn, Jr. (born July 18, 1921), (Col, USMC, Ret.), is a former U.S. Marine Corps aviator, engineer, astronaut, and United States senator.

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John McCain

John Sidney McCain III (born August 29, 1936) is the senior United States Senator from Arizona.

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Keating Five

Image:AlanCranston.jpg|Alan Cranston (D-Calif.) Image:Dennis DeConcini.jpg|Dennis DeConcini (D-Ariz.) Image:Glenn.gif|John Glenn (D-Ohio) Image:McCainPortrait.jpeg|John McCain (R-Ariz.) Image:Riegle2.jpg|Donald W. Riegle (D-Mich.) 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.

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L. William Seidman

Lewis William Seidman (April 29, 1921 – May 13, 2009) was an American economist, financial commentator, and former head of the U.S. Federal Deposit Insurance Corporation, best known for his role in helping work to correct the Savings and Loan Crisis in the American financial sector from 1988-1991 as head of the related entity, the Resolution Trust Corporation.

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Liar's Poker

Liar's Poker is a non-fiction, semi-autobiographical book by Michael Lewis describing the author's experiences as a bond salesman on Wall Street during the late 1980s.

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Library of Economics and Liberty

The Library of Economics and Liberty (Econlib) is a free online library of economics books and articles of interest to libertarian views.

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Lincoln Savings and Loan Association

The Lincoln Savings and Loan Association of Irvine, California was the financial institution at the heart of the Keating Five scandal during the 1980s savings and loan crisis.

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List of corporate collapses and scandals

A corporate collapse typically involves the insolvency or bankruptcy of a major business enterprise.

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List of largest U.S. bank failures

This is a list of the largest U.S. bank failures with respect to total assets under management at the time of the bank failure (banks with $1.0 billion or more in assets are listed here).

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Los Angeles Times

The Los Angeles Times, commonly referred to as the Times, is a paid daily newspaper published in Los Angeles, California, since 1881.

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Louisiana

Louisiana (or; État de Louisiane,; Louisiana Creole: Léta de la Lwizyàn) is a state located in the southern region of the United States.

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Lyndon B. Johnson

Lyndon Baines Johnson (August 27, 1908 – January 22, 1973), often referred to as LBJ, was the 36th President of the United States (1963–1969), a position he assumed after his service as the 37th Vice President (1961–1963).

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Mainland Southeast Asia

Mainland Southeast Asia, also known as Indochina or the Indochinese Peninsula, refers to the continental portion of Southeast Asia lying east of India and roughly south or southwest of China.

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Maryland

Maryland is a state located in the Mid-Atlantic region of the United States, bordering Virginia, West Virginia, and Washington, D.C. to its south and west; Pennsylvania to its north; and Delaware to its east.

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Megadeth

Megadeth is an American thrash metal band from Los Angeles, California.

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Michael Lewis

Michael Monroe Lewis (born October 15, 1960) is an American non-fiction author and financial journalist.

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Michael Milken

Michael Robert Milken (born July 4, 1946) is an American former financier and philanthropist.

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Michigan

Michigan is a state in the Great Lakes region of the Midwestern United States.

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Midwest Federal Savings & Loan

Midwest Federal Savings and Loan was an American bank headquartered in Minneapolis, Minnesota.

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Midwestern United States

The Midwestern United States, or the Midwest, is one of the four geographic regions defined by the United States Census Bureau, occupying the northern central part of the country.

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Minneapolis

Minneapolis is the county seat of Hennepin County, and larger of the Twin Cities, the 14th-largest metropolitan area in the United States, containing approximately 3.8 million residents.

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Minnesota

Minnesota (locally) is a state in the Midwestern United States.

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Monetary inflation

Monetary inflation is a sustained increase in the money supply of a country (or currency area).

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Moral hazard

In economics, moral hazard occurs when one person takes more risks because someone else bears the burden of those risks.

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Mortgage loan

A mortgage loan, also referred to as a mortgage, is used by purchasers of real property to raise capital to buy real estate; or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.

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Negotiable Order of Withdrawal account

In the United States, a negotiable order of withdrawal account (NOW account) is a deposit account that pays interest, on which an unlimited number of checks may be written.

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Neil Bush

Neil Mallon Pierce Bush (born January 22, 1955) is an American businessman and investor.

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New Deal

The New Deal was a series of domestic programs enacted in the United States between 1933 and 1938, and a few that came later.

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Office of Thrift Supervision

The Office of Thrift Supervision (OTS) was a United States federal agency under the Department of the Treasury that chartered, supervised, and regulated all federally chartered and state-chartered savings banks and savings and loans associations.

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Ohio

Ohio is a state in the Midwestern United States.

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Oklahoma

Oklahoma (Cherokee: Asgaya gigageyi / ᎠᏍᎦᏯ ᎩᎦᎨᏱ; or translated ᎣᎦᎳᎰᎹ (òɡàlàhoma), Pawnee: Uukuhuúwa, Cayuga: Gahnawiyoˀgeh) is a state located in the South Central United States.

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Old Court Savings and Loans

Old Court Savings and Loan (Old Court Thrift Savings) was a savings and loan association headquartered in Pikesville, Maryland, United States, that failed due to embezzlement by its president Jeffrey Levitt, which led to the failure of the state deposit insurance corporation.

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Panic of 1893

The panic of 1893 was a serious economic depression in the United States that began in 1893.

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Paul Volcker

Paul Adolph Volcker, Jr. (born September 5, 1927) is an American economist.

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Race to the bottom

The race to the bottom is a socio-economic phenomenon in which governments deregulate the business environment or taxes in order to attract or retain economic activity in their jurisdictions, resulting in lower wages, worse working conditions and fewer environmental protections.

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Racket (crime)

A racket is a service that is fraudulently offered to solve a problem, such as for a problem that does not actually exist, that will not be put into effect, or that would not otherwise exist if the racket did not exist.

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Regulation Q

Regulation Q was Title 12, part 217 of the United States Code of Federal Regulations.

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Republican Party (United States)

The Republican Party, commonly referred to as GOP (abbreviation for Grand Old Party), is one of the two major contemporary political parties in the United States, the other being its historic rival, the Democratic Party.

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Resolution Trust Corporation

The Resolution Trust Corporation (RTC) was a U.S. government-owned asset management company run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets of savings and loan associations (S&Ls) declared insolvent by the Office of Thrift Supervision (OTS) as a consequence of the savings and loan crisis of the 1980s.

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Salary

A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract.

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Savings and loan association

A savings and loan association (or S&L), also known as a thrift, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans.

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Second Industrial Revolution

The Second Industrial Revolution, also known as the Technological Revolution, was a phase of the larger Industrial Revolution roughly corresponding to the later half of the 19th century, sometime between 1840 and 1860 until World War I. It is considered to have begun around the time of the introduction of Bessemer steel in the 1850s and culminated in early factory electrification, mass production and the production line.

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Southeast Asia

Southeast Asia or Southeastern Asia is a subregion of Asia, consisting of the countries that are geographically south of China, east of India, west of New Guinea and north of Australia.

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St. Paul Pioneer Press

The St.

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Stagflation

In economics, stagflation, a portmanteau of stagnation and inflation, is a situation in which the inflation rate is high, the economic growth rate slows, and unemployment remains steadily high.

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Subprime mortgage crisis

The U.S. subprime mortgage crisis was a nationwide banking emergency that coincided with the U.S. recession of December 2007 – June 2009.

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Supreme Court of the United States

The Supreme Court of the United States (SCOTUS) is the highest federal court of the United States.

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Tax

A tax (from the Latin taxo; "rate") is a financial charge or other levy imposed upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state to fund various public expenditures.

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Tax Reform Act of 1986

The U.S. Congress passed the Tax Reform Act of 1986 (TRA) to simplify the income tax code, broaden the tax base and eliminate many tax shelters.

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Texas

Texas (Texas or Tejas) is the second most populous and second largest state of the United States of America.

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The Arizona Republic

The Arizona Republic is an American daily newspaper published in Phoenix.

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The Concise Encyclopedia of Economics

The Concise Encyclopedia of Economics (CEE), 2nd ed., 2008, is an on-line encyclopedia of economics and is part of the Library of Economics and Liberty sponsored by the Liberty Fund.

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The Washington Post

The Washington Post is an American daily newspaper.

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United States Congress

The United States Congress is the bicameral legislature of the federal government of the United States consisting of two houses: the Senate and the House of Representatives.

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United States Department of the Treasury

The Department of the Treasury (DoT) is an executive department and the treasury of the United States federal government.

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United States House Committee on Ethics

The Committee on Ethics, often known simply as the Ethics Committee, is one of the committees of the United States House of Representatives.

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United States Senate Select Committee on Ethics

The U.S. Senate Select Committee on Ethics is a select committee of the United States Senate charged with dealing with matters related to senatorial ethics.

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United States v. Winstar Corp.

United States v. Winstar Corp., 518 U.S. 839 (1996),United State v. Winstar Corp.

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Vice President of the United States

The Vice President of the United States (VPOTUS) is the second-highest position in the executive branch of the United States, after the president.

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Vietnam War

The Vietnam War (Chiến tranh Việt Nam), also known as the Second Indochina War, and also known in Vietnam as Resistance War Against America (Kháng chiến chống Mỹ) or simply the American War, was a Cold War-era proxy war that occurred in Vietnam, Laos, and Cambodia from 1 November 1955 to the fall of Saigon on 30 April 1975.

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Wall Street Crash of 1929

The Wall Street Crash of 1929, also known as Black Tuesday, the Great Crash, or the Stock Market Crash of 1929, began on October 24, 1929, and was the most devastating stock market crash in the history of the United States, when taking into consideration the full extent and duration of its fallout.

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William K. Black

William Kurt Black (born September 6, 1951) is an American lawyer, academic, author, and a former bank regulator.

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World War II

World War II (WWII or WW2), also known as the Second World War, was a global war that lasted from 1939 to 1945, though related conflicts began earlier.

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Zvi Bodie

Zvi Bodie is the Norman and Adele Barron Professor of Management at Boston University.

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1980s oil glut

The 1980s Oil Glut was a serious surplus of crude oil caused by falling demand following the 1970s Energy Crisis.

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97th United States Congress

The Ninety-seventh United States Congress was a meeting of the legislative branch of the United States federal government, composed of the United States Senate and the United States House of Representatives.

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References

[1] https://en.wikipedia.org/wiki/Savings_and_loan_crisis

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