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Latest Savings and Loan Crisis Stories

2011-01-21 09:34:00

DETROIT, Jan. 21, 2011 /PRNewswire/ -- Howard Keating, CEO of the Keating Network, is launching a "business reality" satellite radio program on Jan. 24, which will simulcast on the Keating Network website. The Keating Network, an advocate for small to medium businesses, aids in their growth through access to loans and other resources. The show will air weekdays from 5 p.m. to 8 p.m. -- the first hour on XM 158, simulcast on the Keating Network website, which will carry the remainder of...

2009-08-26 12:46:17

The U.S. thrift industry has posted its first profit since the third quarter of 2007, U.S. regulators said Wednesday. The Office of Thrift Supervision said in a release the industry's $4 million profit in second quarter of 2009, while small, is positive indicator for the future. Although significant challenges lie ahead, thrift managers are making progress toward positioning their institutions for a positive future, Acting OTS Director John Bowman said. Bowman noted that thrifts' capital...

2008-12-29 08:08:06

The financial meltdown of 2008 has created a banner year for a few opportunistic U.S. lawyers, whose business it is to advise banks. Lawyers associated with the Resolution Trust Corp., a federal agency created in the 1989 during a rash of bank failures, are now finding their services in high demand -- especially if they still have government connections, The New York Times reported Monday. Former RTC attorneys are now helping banks apply for part of the $700 billion financial firm bailout...

2008-10-13 09:00:17

By CHRISTOPHER WILLS By Christopher Wills The Associated Press SPRINGFIELD, Ill. Scraping for any advantage in the campaign's waning days, John McCain and Barack Obama are introducing voters to a new cast of characters. Each candidate is trying to plant the idea that his opponent must be guilty of something if he has connections to unsavory characters. Both candidates are guilty of stretching the facts, at times, to smear by association. A closer look at the relationships being...

2008-10-07 09:00:21

By Leonard Doyle * Investment and loan furore returns to haunt Republican contender The clean fight for the White House promised by John McCain and Barack Obama degenerated into an unruly brawl yesterday as the two campaigns dredged up events from 20, 30, even 40 years ago to smear each other. Overnight, the Obama campaign sent tens of millions of its supporters an email link to a 13-minute documentary about the infamous "Keating Five" savings-and-loan scandal of 1989-91, which almost...

2008-10-06 12:30:00

Democratic U.S. presidential candidate Barack Obama Monday began hitting his Republican challenger's involvement in the 1989-90 savings-and-loan scandal. The multimedia campaign is designed to push back against what the Obama campaign calls Sen. John McCain's "guilt-by-association" tactics linking Obama to onetime radical Bill Ayers, a leader in the 1970s radical Weatherman group who is a college teacher and activist in Chicago, Politico reported. The Obama campaign e-mailed supporters a...

2008-09-20 12:00:08

By Tom Raum and Jeannine Aversa Associated Press WASHINGTON -- Struggling to stave off financial catastrophe, the Bush administration on Friday laid out a radical bailout plan with a jaw-dropping price tag -- a takeover of a half-trillion dollars or more in worthless mortgages and other bad debt held by tottering institutions. Relieved investors sent stocks soaring on Wall Street and around the globe. The Dow-Jones industrial average rose 368 points after surging 410 points the day before...

2008-08-28 00:00:18

The number of troubled U.S. banks leaped to the highest level in about five years, and bank profits plunged by 86 percent in the second quarter as slumps in the housing and credit markets continued. Federal Deposit Insurance Corp. data released Tuesday show 117 banks and thrifts were considered to be in trouble in the second quarter, up from 90 in the prior quarter and the biggest tally since mid-2003. The FDIC said federally-insured banks and savings institutions earned $5 billion in the...

2008-07-14 09:00:21

By Louise Story The seizure of IndyMac Bancorp by U.S. regulators marks one of the largest bank failures in American history. The bank, once part of Countrywide Financial, is the first major bank to shut its doors since the mortgage crisis erupted more than a year ago. (IndyMac is not related to Fannie Mae and Freddie Mac, the big mortgage finance companies that alarmed the stock market last week.) The closure Friday followed a frenzied week during which IndyMac executives tried to...


Word of the Day
omphalos
  • The navel or umbilicus.
  • In Greek archaeology: A central boss, as on a shield, a bowl, etc.
  • A sacred stone in the temple of Apollo at Delphi, believed by the Greeks to mark the 'navel' or exact center-point of the earth.
'Omphalos' comes from the ancient Greek.
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