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) » « Shrink index
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.
Adverse selection is a concept in economics, insurance, and risk management, which captures the idea of a "rigged" trade.
Alan MacGregor Cranston (June 19, 1914 – December 31, 2000) was an American journalist and Democratic Senator from California.
Arizona (Hoozdo Hahoodzo; O'odham: Alĭ ṣonak) is a state in the southwestern region of the United States.
New!!: Savings and loan crisis and Arizona ·
In finance, an asset–liability mismatch occurs when the financial terms of an institution's assets and liabilities do not correspond.
A baby boom is any period marked by a greatly increased birth rate.
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.
Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors.
Boston University (most commonly referred to as BU or otherwise known as Boston U.) is a private research university located in Boston, Massachusetts.
A building society is a financial institution owned by its members as a mutual organisation.
California is a state located on the West Coast of the United States.
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.
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.
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 is a city in and the county seat of Hamilton County, Ohio, United States.
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.
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.
Cottage Savings Association v. Commissioner,, was an income tax case before the Supreme Court of the United States.
Countdown to Extinction is the fifth studio album by American thrash metal band Megadeth, released on July 6, 1992 through Capitol Records.
David Warren "Dave" Ellefson (born November 12, 1964) is a bassist and founding member of the American thrash metal band Megadeth.
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.
The Democratic Party is one of the two major contemporary political parties in the United States, along with the Republican Party to its right.
Dennis Webster DeConcini (born May 8, 1937) is a former Democratic U.S. Senator from Arizona.
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.
Deregulation is the process of removing or reducing state regulations typically in the economic sphere.
Richard Frank "Dick" Celeste (born November 11, 1937) is an American politician from Ohio, and a member of the Democratic Party.
In economics, disintermediation is the removal of intermediaries in a supply chain, or "cutting out the middlemen".
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.
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.
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.
The United States entered recession in January 1980 and returned to growth six months later in July 1980.
The recession of the early 1990s describes the period of economic downturn affecting much of the world in the late 1980s and early 1990s.
The East Coast of the United States runs along the Atlantic Ocean.
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.
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.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation operating as an independent agency created by the Banking Act of 1933.
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.
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.
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.
The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is the central banking system of the United States.
The Federal Savings and Loan Insurance Corporation (FSLIC) was an institution that administered deposit insurance for savings and loan institutions in the United States.
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.
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.
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".
In the context of a mortgage process, forbearance is a special agreement between the lender and the borrower to delay a foreclosure.
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.
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.
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.
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.
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).
The Government Accountability Office (GAO) is a government agency that provides auditing, evaluation, and investigative services for the United States Congress.
The Government National Mortgage Association (GNMA), or Ginnie Mae, was established in the United States in 1968 to promote home ownership.
The Great Depression was a severe worldwide economic depression in the 1930s.
The Great Society was a set of domestic programs in the United States launched by Democratic President Lyndon B. Johnson in 1964–65.
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.
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time.
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.
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.
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.
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.
John Sidney McCain III (born August 29, 1936) is the senior United States Senator from Arizona.
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.
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.
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.
The Library of Economics and Liberty (Econlib) is a free online library of economics books and articles of interest to libertarian views.
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.
A corporate collapse typically involves the insolvency or bankruptcy of a major business enterprise.
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).
The Los Angeles Times, commonly referred to as the Times, is a paid daily newspaper published in Los Angeles, California, since 1881.
Louisiana (or; État de Louisiane,; Louisiana Creole: Léta de la Lwizyàn) is a state located in the southern region of the United States.
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).
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.
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 is an American thrash metal band from Los Angeles, California.
New!!: Savings and loan crisis and Megadeth ·
Michael Monroe Lewis (born October 15, 1960) is an American non-fiction author and financial journalist.
Michael Robert Milken (born July 4, 1946) is an American former financier and philanthropist.
Michigan is a state in the Great Lakes region of the Midwestern United States.
New!!: Savings and loan crisis and Michigan ·
Midwest Federal Savings and Loan was an American bank headquartered in Minneapolis, Minnesota.
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.
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.
Minnesota (locally) is a state in the Midwestern United States.
Monetary inflation is a sustained increase in the money supply of a country (or currency area).
In economics, moral hazard occurs when one person takes more risks because someone else bears the burden of those risks.
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.
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.
Neil Mallon Pierce Bush (born January 22, 1955) is an American businessman and investor.
The New Deal was a series of domestic programs enacted in the United States between 1933 and 1938, and a few that came later.
New!!: Savings and loan crisis and New Deal ·
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.
Ohio is a state in the Midwestern United States.
New!!: Savings and loan crisis and Ohio ·
Oklahoma (Cherokee: Asgaya gigageyi / ᎠᏍᎦᏯ ᎩᎦᎨᏱ; or translated ᎣᎦᎳᎰᎹ (òɡàlàhoma), Pawnee: Uukuhuúwa, Cayuga: Gahnawiyoˀgeh) is a state located in the South Central United States.
New!!: Savings and loan crisis and Oklahoma ·
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.
The panic of 1893 was a serious economic depression in the United States that began in 1893.
Paul Adolph Volcker, Jr. (born September 5, 1927) is an American economist.
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.
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.
Regulation Q was Title 12, part 217 of the United States Code of Federal Regulations.
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.
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.
A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract.
New!!: Savings and loan crisis and Salary ·
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.
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.
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.
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.
The U.S. subprime mortgage crisis was a nationwide banking emergency that coincided with the U.S. recession of December 2007 – June 2009.
The Supreme Court of the United States (SCOTUS) is the highest federal court of the United States.
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.
New!!: Savings and loan crisis and Tax ·
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.
Texas (Texas or Tejas) is the second most populous and second largest state of the United States of America.
New!!: Savings and loan crisis and Texas ·
The Arizona Republic is an American daily newspaper published in Phoenix.
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.
The Washington Post is an American daily newspaper.
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.
The Department of the Treasury (DoT) is an executive department and the treasury of the United States federal government.
The Committee on Ethics, often known simply as the Ethics Committee, is one of the committees of the United States House of Representatives.
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.
United States v. Winstar Corp., 518 U.S. 839 (1996),United State v. Winstar Corp.
The Vice President of the United States (VPOTUS) is the second-highest position in the executive branch of the United States, after the president.
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.
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.
William Kurt Black (born September 6, 1951) is an American lawyer, academic, author, and a former bank regulator.
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.
Zvi Bodie is the Norman and Adele Barron Professor of Management at Boston University.
The 1980s Oil Glut was a serious surplus of crude oil caused by falling demand following the 1970s Energy Crisis.
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.